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How our income taxes are calculated are a mystery to the vast number of Americans who haven't been taught how to read the tax codes or decipher tax terminology. Start, for example, with the terms tax.
The number of U.S. households that host a furry, scaly or feathery family member has been on a steady rise since the 1980s but the amount of money pet owners are spending to keep Mittens, Rover and/or Polly in good stead has skyrocketed and is now north of $100 billion every year. A new report from the U.S. Bureau of Labor Statistics finds pet-related expenses are making up a growing percentage of consumers’ budgets, rising from $57.8 billion in 2013 to $102.8 billion in 2021, a nearly 78% increase. The level of pet-related spending in 2021 easily outpaces what U.S. consumers shelled out for recreational reading materials, $15.2 billion; alcoholic beverages, $73.8 billion; and women’s clothing, $87.9 billion, according to the “Beyond the Numbers” report from Kristen Thiel, senior economist for the Bureau of Labor Statistics.
According to the Federal Reserve Bank of St. Louis, the top 10% of families in the U.S. command 69% of America's total household wealth. The average among them is worth $6.8 million. On the other.