2019 Office of Management and Budget Reports
The Office of Management and Budget reports that federal revenues totaled $29.3 trillion during that period. The Census Bureau estimates there are currently 128 million households in the country. Thus, each household’s share of the tax burden comes out to around $228,000.
And this number is conservative, as in low. Adjusting for inflation and the smaller number of households at the start of the decade would cause the estimate to go even higher.
The federal government collected an average of $27,000 in revenue per household in 2019.
According to the latest data from the Congressional Budget Office, federal revenue hit an all-time high of $3.46 trillion in 2019, or roughly $27,000 per household. The vast majority of the haul comes from individual income and payroll taxes. That’s money directly out of your pocket.
The federal bill is hefty enough. When we consider state and local taxes, the full burden of government grows larger. The Tax Foundation estimates that workers need January, February, March, and half of April just to cover their full tax bill.
(David Ditch, December 27, 2019, The Daily Signal)
Utilizing all of the available deductions and credits in the Federal Tax Code we will minimize your tax burden. Give us a call today to schedule an appointment.