(National Sentinel)Â Tax Reform: As President Donald J. Trump ramps up his push for the first serious tax reform effort in 30 years, a report Thursday revealed just how heavy a burden taxes are for average Americans.
As reported byÂ CNS News, which cited Bureau of Labor Statistics data, Americans are spending more annually on taxes than they do for food and clothing. What’s more, Americans’ tax burden is getting higher:
Americans on average spent more on taxes in 2016 than they did on food and clothing combined, according to data released this week by the Bureau of Labor Statistics.
The same data also shows that in three yearsâ€”from 2013 to 2016â€”the average tax bill for Americans increased 41.13 percent.
In 2016, according to BLS, â€œconsumer unitsâ€ (which include families, financially independent individuals, and people living in a single household who share expenses) spent more on average on federal, state and local taxes ($10,489) than they did on food ($7,203) and clothing ($1,803) combined ($9,006).
The average tax bill for American â€œconsumer unitsâ€ increased from $7,423 in 2013 to $10,489 in 2016, according to data released this week by the Bureau of Labor Statistics.
Here’s a breakdown:
â€œIâ€™ve never heard anyone describe a tax move as tax reform if their own taxes were getting increased. So I donâ€™t think weâ€™re talking about tax reform. Reform for one person is something else for the other,” billionaire Warren Buffett told Fox Business Network‘s Liz Claman.
“But it looks like weâ€™re moving more and more towards an overall tax cut.Â And that isnâ€™t where we started. We talked about being revenue neutral originally, but I think that the politics have evolved in such a way that if youâ€™re going to get anything done reasonably fast, it canâ€™t be a 1986 type massive reform act. So I think if we see a tax change it isnâ€™t necessarily tax reform, it will be a tax cut. It will be called tax reform though,” he continued.
Whatever. As the data indicate, Americans could use aÂ tax cut. And for the record, that’s what President Donald J. Trump called it yesterday during a speech in Missouri, where he called out vulnerable Sen. Claire McCaskill, a Democrat, for opposing tax cuts.
â€œWe must lower our taxes and your senator, Claire McCaskill, she must do this for you, and if she doesnâ€™t, you have to vote her out of office,â€ he said, as reported byÂ The Hill.
Buffett has a point, however, regarding ‘revenue neutral.’ That means for the tax cuts proposed, there should also beÂ spending cuts, so that we don’t swell our already bloated national debt even further.
Now, just who’sÂ out of touch with the folks?
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