Democratic presidential candidate Hillary Clinton has proposed a change in the top capital gains tax rates. Under current law, such capital gains have a two-tiered structure: short-term gains face a top rate of 43.4...
- The Tax Policy Blog
- Americans Pay More in Taxes than on Food, Clothing, and H...
Americans Pay More in Taxes than on Food, Clothing, and Housing Combined
Our annual Tax Freedom Day report finds that the nation’s Tax Freedom Day will come on April 21st this year, which is three days later than last year. The calendar measure represents how long Americans as a whole need to work in order to pay the nation’s tax burden.
The report estimates that Americans will pay about $4.5 trillion dollars in taxes of all kinds in 2014, with $3 trillion going to the federal government and $1.5 trillion dollars going to state and local governments. This is approximately 30.2 percent of the nation’s income paid in taxes.
In total, Americans will pay more in taxes in 2014 than on food, clothing, and shelter combined.
To read the whole report, click here.
Get Email Updates from the Tax Foundation
We will never sell or share your information with third parties.
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.