Good thing Washington gave us a break this year on federal income taxes.
Because the total tax-haul numbers for state and local governments are out for last year — and they’ll take your breath away — also your savings and hopes.
According to the Census Bureau, last year alone state and local governments collected a record $573 billion just in property taxes. That’s about $1,759 for each one of the estimated 326 million Americans.
Add to that another record — $386.2 billion — in sales and gross receipts taxes.
And another $405 billion in income taxes.
That’s almost $1.4 TRILLION. Quite a haul for governments. And yet, as the Wall Street Journal reports (subscription), state and local governments are hiking taxes and fees even more, claiming budget crunches.
Good thing news reporting on local and state governments has been reduced sharply by news media. Or we might have local tea party revolts breaking out all over.
And one other thing: Those sales tax takings do NOT include taxes on booze, entertainment, gasoline, race track bets, public utilities and tobacco.
The property tax total is up almost $22 billion over the previous record in the previous year. The income tax haul is up almost $5 billion over the previous record in 2015. While the gross and sales tax receipts are up “only” a quarter-billion from 2015.
Aren’t we lucky?