Americans spend more on taxes than food, clothing, housing combinedThe Tax Foundation, in its annual report on when the nation as a whole has earned enough to pay its taxes, announced the date as April 24.> Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined.> Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation's income.> If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later on May 10.
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