A new report came out comparing the average American’s cost of living. It did not look good for the average taxpayer. We put more of our hard-earned income into paying taxes than we put towards necessities.
According to a report from the Bureau of Labor Statistics, Americans once more spent more on taxes than on food, clothing, and health care combined [1]! American consumers spent $15,495 on food, clothing, and healthcare together. Meanwhile, they spent $16,729 in taxes. Here is the breakdown.
Household Necessities
On average, Americans spent $8,289 on food; $1,754 on clothing; and $5,452 on healthcare. Together, it adds up to $15,495.
Taxes
On the other hand, in 2020 Americans spent $16,730 in taxes. These taxes include federal income taxes, state taxes, local income taxes, property taxes, and other taxes. This takes away the stimulus checks most Americans received last year for hardships.
Comparison
In 2020, consumers paid only $13,928 on food, clothing, and healthcare. Concurrently, they spent the large sum of $17,148 on taxes.
One wonders what the numbers for 2022 will tell us.
Notes:
- ^https://cnsnews.com/article/washington/terence-p-jeffrey/americans-spent-more-taxes-2021-food-clothing-and-health-care?ICID=ref_fark (go back ↩)
