Because You Just Don’t Pay Enough In Taxes…

How much do you pay in taxes?

Your first thought may be to what you pay in income taxes. But do you even know what that number is? With the concept of “withholding” it is easy to only pay attention to the bottom line of your paycheck but not pay attention to the top line.

So what are some of the taxes that you pay?

1) Federal Income Taxes
2) Local Income Taxes
3) Social Security Taxes
4) Sales Taxes
5) Real Estate Taxes (yearly)
6) Real Estate Transfer Tax (when you buy or sell a property)
7) Room and Meals Taxes
8) Excise Taxes
9) Gas taxes
10) Hunting and Fishing License Taxes
11) Speeding Taxes
12) Inheritance Taxes
13) IRS Penalties
14) Liquor Taxes
15) Capital Gains Taxes
16) Road Tolls
17) Telephone Taxes
18) Workers Compensation Taxes
19) Vehicle Registration Taxes
20) Unemployment Taxes
21) Building Permits
22) Tax Penalties
23) Corporate Taxes
And on and on and on…

If you really want to get sick, sit down and add up all the taxes that you actually pay. It will be different for everyone, but it wouldn’t be unreasonable to see half of your income (or more) destroyed by all of these taxes.

Also keep in mind that you as an end consumer pay taxes directly, but any tax that businesses are charged are simply passed on to you as well in terms of higher prices of whatever good or service you are purchasing for that business.

For instance, every new gun and ammunition cartridge sold has a 10 or 11% tax built into the price as required by the FAET – Firearms And Ammunition Excise Tax:

A. Tax Rates. The tax rates are 10% of the sale price of pistols and revolvers; 11% of the sale price of firearms other than pistols and revolvers, shells and cartridges. See 26 USC Section 4181(a); 27 CFR Section 53.61(a).

You don’t see this tax directly, but it is there. While the charge is assessed to the business, it really is just added to the final price and paid by you.

But what is a tax? Or a better question would be: “What is a proper tax?”

Read more

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