Saturday 10 September 2022 09:34 PM Americans spend MORE money on taxes than on food, clothing and healthcare ... trends now
Americans on average spent more of their income on taxes than they did on food, clothing and healthcare combined.
The Bureau of Labor Statistics latest report found that in 2021, Americans spent about $16,700 in taxes to the IRS while only forking over about $15,500 for food, clothing and healthcare.
The gap is down from 2020, where Americans spent $17,148 on taxes and $13,927 on the other expenses, and it's the smallest difference between the two costs since 2017.
On average in 2021, American consumer units spent $15,495 on food, clothing and healthcare combined, less that the $16,729 spent on taxes
The BLS recorded the spending costs on an average 'consumer unit,' or a financially independent family or individual. In 2021, the agency reported 133,495 consumer units in the US.
On average in 2021, American consumer units spent $8,289.28 on food, $1,754.39 on clothing, and $5,451.61 on healthcare.
Meanwhile, federal and state, social security, property and other taxes totaled $16,729.73, according to the BLS.
The disparity between the two expenses was less than half of 2020's, where it was about $3,200.
In 2019, the difference was about $3,500, and in 2018, it was nearly $4,000. It was nearly double the $2,200 difference recorded in 2017.
The BLS's report comes as the agency found that the average income per consumer unit in 2021 rose 3.7 percent to $87,432, while spending jumped by 9.1 percent to $66,928.
The report concludes that the average American consumer failed to keep up with the rising cost of living impacted by rampant inflation that remains persistently high.
It underscores President Joe
