Our tax bill for 2016 will top $4.9 trillion
by Catey Hill
Market Watch
What we spend on our home, food and clothing pales in comparison to our annual tax bill.
In 2016, Americans will pay roughly 20% more for their federal, state and local taxes than for the their housing, food and clothing combined, according to an analysis by the Tax Foundation, a nonpartisan tax research organization.
[…] In 2016, Americans will likely spend roughly $1.6 trillion on food, $2.1 trillion on housing and $360 billion on clothing, totaling about $4.1 trillion. Meanwhile, their total tax bill will be about $4.9 trillion ($3.34 trillion in federal taxes and $1.6trillion state and local taxes).