Friday, June 3, 2016

Americans To Spend More On Taxes Than On Food, Clothing And Shelter Combined

              Americans as a whole will spend more on taxes in 2016 than they will on food, clothing and housing combined. U.S. citizens will cough up $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes in 2016, and that nearly $5 trillion total is equivalent to 31 percent of the nation’s cumulative income.     
             Moreover, if annual federal borrowing (representing future taxes owed) is included, Tax Freedom Day (the first day of the year on which your income would start going to you rather than the government) would be May 10th.
             The United States didn’t have a permanent federal income tax until 1913, 137 years into its existence, and yet it grew into the world’s most powerful nation in precisely this time frame. The federal government has no business taxing the living hell out of its constituents- or their businesses. Incredibly, the U.S. has the highest corporate income tax rate in the industrialized world. The United States!
             Earlier citizens of the Land of the (formerly) Free and the Home of the (formerly) Brave would simply not have tolerated the excessive, punitive and onerous taxation and regulation to which modern day Americans blindly acquiesce.


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