According to a new report, Americans wasted more of their money on taxation than on everything else combined in 2020.
The numbers come from the Bureau of Labor Statistics, CNS News reported on Monday.
American “consumer units,” as BLS calls them, spent a net total of $17,211.12 on taxes last year while spending only $16,839.89 on food, clothing, healthcare and entertainment combined, according to Table R-1 of the BLS Consumer Expenditures Survey.Advertisement - story continues below
“Consumer units,” BLS explains, “include families, single persons living alone or sharing a household with others but who are financially independent, or two or more persons living together who share major expenses.”
In 2020, according to Table R-1, American consumer units paid an average of $8,811.78 in federal income taxes, while getting back $1,911.01 in stimulus payments. They also paid an average $2,492.71 in state and local income taxes; $5,392.35 in Social Security taxes; $2,353.42 in property taxes; and $71.87 in “other taxes.”Trending:
That equaled a net total of $17,211.12 in taxes.
At the same time, American consumer units were paying an average $7,316,47 for food; $1,434.26 for “apparel and services” (clothing); $5,177.01 for healthcare and $2,912.15 for entertainment.Advertisement - story continues below
That equaled $16,839.89.
Once totaled up, on average Americans spent $371 more on taxation than they did everything else last year.
And what did Americans get for this wasted money?
About nothing of value.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.