Posted September 20, 2022
By Matt Insley
How much Americans Actually Pay in Taxes
According to the wonks at the U.S. Census Bureau, Americans’ median household income was supposedly unchanged last year from 2020.
“In fact, real median income fell slightly, from $71,186 in 2020 to $70,784 in 2021,” says an article at Fortune. “That said, the change is not statistically significant, the government says.”
Oh, that’s comforting! Glad they consider stagnant (and even backward) wage growth plus crippling inflation a mere abstraction.
Then again, this is the braintrust we’re working with…
Indeed – alongside these and other economic atrocities – our macro expert Jim Rickard’s noticed an emerging pattern detrimental to the stock market, something that might even sink the Dow by as much as 80% practically overnight.
To fill you in, Jim went live with a briefing Sunday night, in an event called American Death Angel. In case you missed it, watch the free, no-obligation replay at this link… But it’s imperative you watch before Wednesday, Sept. 21 at 2 pm EDT.
Now, for more on how American households are spending their stagnant incomes, read on…
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Your Rundown for Tuesday, September 20, 2022...
Death by Taxes
New data from the Bureau of Labor Statistics (BLS) opens a window into the spending habits of American households. And the insight is alarming.
The BLS’ “Consumer Expenditure Surveys, 2021” reveal each “consumer unit” — what the fed bean counters call “households” these days — spent $16,729.73, on average, in taxes last year.
This sum includes…
$8,561.46 in federal income tax
$2,564.14 in state and local income taxes
$2,475.18 in property taxes
$5,565.45 in Social Security deductions
$105.21 in miscellaneous taxes.
If you’re keeping score, that totals $19,271.44; however, that number was adjusted downward for an average “stimmy” payment of $2,541.71 per household in 2021.
Of course, it almost goes without saying that you’re getting the shaft when it comes to paying taxes in these United States.
But here’s the really disturbing part: The average American “consumer unit” spent 25% of their income on taxes in 2021.
Put another way? That’s more than Americans spent on food, health care, education and clothing combined.
And it just occurs to me that government freebies won’t offset 2022 taxes. So taxes will only go in one direction – up!
Market Rundown for Tuesday, Sept. 20, 2022
S&P 500 futures are down 0.75% to 3,885.
Oil is up 0.50% to $86.17 for a barrel of WTI.
Gold is down 0.25% to $1,673.70 per ounce.
And flagship crypto Bitcoin is down 1.7% to $19,100.
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