It was time to file federal income tax returns for 2022 last week. Brian Riedl calculates what the average cost is projected to be for an American household before dropping the hammer.
This year, Washington will collect $36,313 per household in tax revenues (this includes all federal taxes, as even business taxes are eventually passed on to individuals).
Washington will spend $46,834 per household.
That $10,521 difference is money the U.S. government has to borrow to sustain its spending. As Riedl notes, the household cost of federal taxes has grown by $4,800 since before the pandemic. Still, federal spending outpaced it, growing $6,300 per household
