Fact Pack! Happy Tax Day to Those Who Celebrate 

By Hightower Las Vegas and RCG Economics on April 15, 2025

Tax preparation services generated $7.3 billion in revenue and accounted for 132,452 employees in 2022, according to the Census Bureau’s annual Economic Census. The Bureau is scheduled to release new data today (Tuesday, April 15) from its Annual Survey of State Government Tax Collections. 

Tax Burden by State 

WalletHub ranked and mapped states by total tax burden, combining property, income, and sales taxes as a share of personal income (2024) based on data from the Tax Policy Center. 

• Hawaii has the highest overall tax burden. Alaska has the lowest. 

• Vermont has the highest property tax burden. Alabama has the lowest. 

• New York has the highest individual income tax burden. Eight states (including Texas, Florida, and Washington) have none. 

Source: WalletHub Data source: Tax Policy Center As of March 4, 2025 

Inflation 

The inflation rate eased to 2.4 percent in March, down from 2.8 percent in February and lower than expected. Excluding food and energy (“core inflation”), the annual rate was 2.8 percent — the lowest rate for core inflation since March 2021. 

As of 4/10/25 

On a month over month basis: 

As of 4/10/25 

Manufacturing Deep Dive 

By now you have likely become aware that President Trump last week walked back parts of his tariff policy, announcing a drop to 10 percent for 90 days on April 2 in order to work through negotiations with the countries and territories targeted. 

Wherever the numbers eventually land, we thought readers might appreciate a primer, some fun historical facts, and a bit of pertinent data on manufacturing in the U.S. 

History 

• The first factory in the U.S. was built after George Washington became president. In 1790, Samuel Slater, an enterprising cotton spinner’s apprentice who had left England built a factory (from memory) to produce spindles of yarn and fabric in Pawtucket, Rhode Island. Within the first 10 months of operation, it had made 8,000 yards of cloth.   

The Smithsonian photo of Slater’s Spinning Frame. Now located in the United States National Museum in Washington, D.C. 

• Mass production became a thing in/around 1800, when the U.S. was building up its army and arsenal of firearms. Until then, guns were made by hand one at a time. In 1798, the federal government contracted with inventor Eli Whitney — who pioneered the making and use of standardized interchangeable parts — to make 10,000 muskets in two years. 

• The industrial revolution in the U.S. followed, fueled by the ability to use relatively unskilled, uneducated labor to assemble parts, and the development of tools and machines, significantly increasing production speed. 

• Fast forward to the 1950s: Approximately 35 percent of private-sector jobs in the U.S. were in manufacturing as more Americans joined the middle class, spending on durable goods, like cars, televisions, and appliances for their newly purchased homes. In short: America was America’s best customer for manufactured goods. 

• By 1980, manufacturing accounted for about 39 percent of high-wage (relative to level of education) U.S. jobs. Today, it’s closer to 10 percent. 

Notable graphic from Statista: 

Recent Years 

• U.S.-manufactured goods exports totaled roughly $1.6 trillion in 2023. 

• The U.S. share of world trade in manufactured goods was estimated at 7.8 percent in 2022 — monetarily that amounted to $15.3 trillion, up from $14.87 trillion in 2021. 

• That figure was $12.14 trillion in 2010, and  

• $4.67 trillion in 2000. 

• Manufacturers contributed $2.93 trillion to the U.S. economy in the quarter before last year’s presidential election (Q3 2024). For every $1.00 spent in manufacturing, there is an impact of $2.64 to the overall U.S. economy, making it one of the largest sector-driven multipliers. 

Jobs 

• There were approximately 462,000 manufacturing job openings in January 2025, and an estimated 12,765,000 manufacturing workers in the U.S. as of February 2025. For every new worker in manufacturing, depending on methodology, 3 to 5 workers are added the economy via direct and indirect impacts. 

• In 2021, all but 3,920 of the 238,851 firms in the manufacturing sector were considered small (fewer than 500 employees). 

• 93.4 percent had fewer than 100 employees.  

• About three-quarters had fewer than 20 employees. 

• The bulk of employment was/is at larger firms — 59 percent of all employees in the sector in 2021 worked for firms with 500 or more employees 

• In 2023, manufacturing workers in the U.S. earned $102,629 on average, including pay and benefits. Workers in all private nonfarm industries earned $86,598 on average. 

• Average hourly earnings of production and nonsupervisory workers were $28.64 as of February, a rate of 4.7 percent growth over the prior year. 

• For all manufacturing employees, average hourly earnings were $34.83, up 4.2 percent year-over-year. 

Fluctuations in price for exported foods, feeds, beverages: 

Source: Bureau of Labor Statistics 

As of February 2025 

And for industrial supplies: 

Source: Bureau of Labor Statistics 

As of February 2025 

Manufacturing — Part 2 (Nevada) 

Nevada’s manufacturing sector employs more than 65,000 Nevadans, according to state records, adding around $9 billion annually to the economy since 2021.  

Economic Impact: Manufacturing has added $9.45 billion annually to Nevada’s economy since 2021.  

• Average Earnings: Manufacturing jobs in Nevada pay average annual earnings of $89,993. 

• Export Leader: Nevada’s largest manufacturing export category is primary metal manufacturing. 

• Other Top Exports: Computer & electronic products, miscellaneous manufactured commodities, electrical equipment, appliances & components, and machinery (except electrical) are also significant export categories.  

Billionaire Boom 

The number of billionaires worldwide surpassed 3,000 for the first time in 2025, according to the Forbes World’s Billionaires List. 

The United States was home to 30 percent of the world’s billionaires in 2024, and 40 percent of total billionaire wealth. This is according to The Wealth Report 2025 by Knight Frank, based on Forbes’ annual wealth list. 

As of 2025 

The $100 billion club hit a record 15 members as of 2025, while three people owned more than $200 billion upon the creation of the list – Elon Musk, Jeff Bezos and Mark Zuckerberg.  

As of 3/7/25 

Of all sectors, finance and investment have produced the highest number of billionaires on Forbes’ 2024 roundup, accounting for 427 of the mega wealthy.  

In terms of total wealth, tech is the biggest generator, accounting for some $2.6 trillion across 342 billionaires. 

The profile of billionaires is evolving too. In 2024, the average billionaire age was 65.7, with men representing 87 percent of the total. By contrast, 82 percent of new billionaires were male, and of those under 30, nearly 47 percent were female. Knight Frank forecasts that not only will the share of female billionaires grow in the future, but also that the average billionaire will become younger, as older generations pass on their wealth. The concentration of billionaires will also become more global, reflecting a connected economy. 

Cheese Nation 

As of 2023 

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On the Horizon 

Mike PeQueen: This week, several Fed officials have schedule speaking engagements which could start to shed light on how they view the past two weeks of chaotic economic pronouncements from the White House. Until we have clarity on the tariffs, little else matters.