It is that time of year again when Federal taxes are due. Many of us have already filed, having easier access these days thanks to software like TurboTax. (Cartoon courtesy of Townhall.com.)
But easier to pay these taxes does NOT equate to easier to stomach the amounts Americans are being forced to pay. Not by a long shot as Townhall highlights in this Tax Day revelation:
[…] According to the Tax Foundation, Americans will be doling out $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes. So, our immediate bills are getting paid, yet the amount in tax Americans have paid will total more than housing, food, and clothing combined for this year. So, there’s that depressing fact, along with the fact the national debt that is bordering on $20 trillion. So, while your taxes to Uncle Sam are not due until next Monday (April 18), I guess you have this depressing fact to ponder until filing day. Here’s to another year of the federal government cracking our backs.
- 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.
- Tax Freedom Day is one day earlier than last year, due to slightly lower federal tax collections as a proportion of the economy.
- Americans will collectively spend more on taxes in 2016 than they will on food, clothing, and housing combined.
- If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later, on May 10.
- Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.
(Click here to read the rest.)
I told you this was hard to stomach. And if either Sanders or Clinton ends up as President, you can BET those figures are going to go up on the tax side.
How do I know that? Because Bernie Sanders has already declared that to be the case as The Hill reports:
[…] “We will raise taxes, yes we will,” Sanders declared, calling criticim (sic) of his plan “disingenuous.” […] (Click here to read the rest.)
And criticism of raising taxes is “disingenuous” how, exactly?? When you look at the levels we are already paying, ANY hike in taxes SHOULD be met with criticism and a very critical eye.
Same goes for Hillary Clinton and HER tax plan a Blastignnews highlights:
Bernie Sanders, avowed socialist that he is, has suggested hefty tax increases on just about everyone and everything to pay for the largess, which includes free health care and free college. But, as it turns out, Hillary Clinton is no slouch when it comes to raising taxes. Americans for Tax Reform estimates that the second President Clinton would hike taxes about $1 trillion over ten years. Clinton’s tax increases will not be used to close the deficit, but rather to pay for new programs. […] (Click here to read the rest.)
Awesome. Because that is all we need – more new programs and more staggering Federal debt. I guess it isn’t enough that we are fast creeping up on the $20 TRILLION mark US National Debt.The Democrats seem to want to speed right on past that horrendous mark and add on much, much more. (Oh, and pay attention to the numbers int he Debt clock. Each citizen owes almost $60,000 a piece, but each TAXPAYER owes over $160,000. BIG difference there…)
Ain’t THAT a disturbing thought?? Elections have consequences which is why this whole personality-driven realm into which we have descended is SO dangerous. We need people who are competent to address and solve important issues facing this country, and the world, not people elected because someone has decided they LIKE them.
The most powerful job in the WORLD deserves a helluva lot more thought than superficialities. It is far past time people came to their senses and actually use their heads to determine for whom they are willing to cast their precious vote.
And how much the Government takes of our money is a serious issue that must be addressed. If you want to give more, vote for Sanders or Hillary. That’s my advice to you.
If you want to hear more from the Democrat and the Socialist, they are debating on CNN tonight at 9:00 pm EST. I hope, with Tax Day looming, they will be asked about the impact of the taxes they want to raise on the American taxpayer…
If you are preparing your taxes, I wish you luck! If you are done with your form, good on you. But you aren’t free from taxes on your pay until April 24th. Nope – that day is moving farther and farther into April these days, so your forms may be in, but your money isn’t your own until then.
And on THAT cheery note, I will leave you! Feel free to discuss this or any other issues on your minds today. This is an Open Thread.