As another tax day arrives, Americans are surely wondering where their hard-earned federal taxes go.
This year, Washington will spend a staggering $35,148 per household and collect $26,677 per household in taxes. The resulting budget deficit of $8,471 per household will bring the total national debt to $177,000 per household.
Federal spending has soared nearly $7,000 per household since 2007 and is projected to rise another $7,000 over the next decade (all numbers in this article are adjusted for inflation). Unless spending is reined in, tax increases must eventually result.
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