Have you ever been curious how much you pay across all major taxes in a year? The Utah Taxpayers Association has released a new annual report, titled “The Beehive Family – The Tax Burden of the Bob and Brooke Beehive Family”. The report examines the annual tax burden that the typical Utah family pays based on current tax policy and tax rates.
Using the five-member Beehive family as an example, the report examines the state and federal tax burden across income, property, sales, and other taxes to help illustrate the annual tax burden of a “typical” Utah family. The report has been created using data from the U.S. Census Bureau and several publications by the Utah State Tax Commission. Income and spending patterns have been taken from both locally and nationally collected data. The Utah Taxpayers Association made the calculations using the most recent data available.
“We are excited to provide this report to help educate and inform taxpayers, policymakers and elected officials about what the typical family pays each year in the various categories of taxes that we have in Utah”, said Rusty Cannon, President of the Utah Taxpayers Association. “Taxpayers might be surprised by the amount of taxes that they pay in the various areas of income, property, sales and payroll taxes. The Beehive family report will also help inform policymakers how proposed tax legislation will affect the typical Utah family going forward.”
With a combined income of $81,640, The Bob and Brooke Beehive family faced a total tax bill in 2020 of $23,440.51, which was 23.26% of their total income. Over 50% of their total taxes paid were Social Security and Medicare taxes totaling $12,666.56. Their next highest burdens came from property taxes (14.8%), state income taxes (13.3%) and sales taxes (10.9%).The annual Beehive Family Report will help policymakers see the effects of proposed tax cuts or tax hikes on the typical Utah family and help them to make more informed decisions. The report can be found here.