Taxes Take Bigger Bite From Consumers' Budgets

A new report shows that Americans pay more in taxes than they do on food, clothing, and health care, combined!

The CNS Report cites figures from the Bureau of Labor Statistics (BLS).

In 2018, according to Table R-1, American consumer units spent an average of $9,031.93 on federal income taxes; $5,023.73 on Social Security taxes, $2,284.62 on state and local income taxes; $2,199.80 on property taxes; and $77.85 on what BLS calls "other taxes."

The combined payments the average American consumer unit made for these five categories of taxes was $18,617.93.

At the same time the average American consumer unit was paying these taxes, it was spending $7,923.19 on food; $4,968.44 on health care; and $1,866.48 on "apparel and services."

These combined expenditures equaled $14,758.11.

So, the $14,758.11 that the average American consumer unit paid for food, clothing and health care was $3,859.82 less than the $18,617.93 it paid in federal, state and local income taxes, property taxes, Social Security taxes and "other taxes."

Read the whole report here.

Image courtesy Getty

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