3 Charts Showing America’s Enormous Tax Situation

Screen Shot 2015-04-02 at 2.12.07 PM

Source: Tax Foundation

3. Taxes and your budget

Although taxes vary among the millions of people in America, one of the largest bills for many households is Uncle Sam. Americans are expected to pay about $4.8 trillion in federal, state, and local taxes. That’s equal to roughly 31% of the nation’s income. As the chart above shows, Americans will spend more on their taxes then on food, clothing, and housing combined. Although, there are numerous strategies through careful planning to legally help lower your tax bill.

Follow Eric on Twitter @Mr_Eric_WSCS

More from Business Cheat Sheet: