When we talk about taxes, most people only associate the national and state Income Tax with that subject. Most do not realize what they actually pay in all taxes combined. Did you know that almost 60% of every dollar you make and spend goes for taxes? If you do, does this make you as mad as hell? Don't get me wrong, we must have taxes to help pay for things that help our society remain stable. When are we going to decide enough is enough? The President and Congress want to increase that burden, by spending money they do not have. Would you allow your spouse, your son or daughter to keep spending money they do not have? And if you did, what would you do if you found out you were the one responsible for paying it back? My guess is you would cut up the credit cards and change the combination to the safe (including the locks on all of your doors).
What follows are some of the taxes and surcharges many of us unwittingly pay.
Federal Income Tax 17%
State and Local Income Tax 11%
Sales Tax 8%
Social Security and Medicaid 8%
Consumer share of Corp Tax 3%
Property Taxes 3%
Fuel tax (including $.19 per 1%
gallon on gasoline)
Other taxes (licenses,
telephone/wireless and other
telecommunication fees,etc.) 5%
= 56%
The above figures do not include the taxes on tobacco and alcohol, that is a huge amount in itself.
Congress is even considering assessing additional taxes on certain foods we consume. Some municipalities already assess additional consumption taxes on restaurants and fast food establishments.
56% is a huge percentage of your income to pay to government entities. Let's look at it this way. If you were a single parent making minimum wage and your gross pay was $300, then you would be paying almost $170 in taxes. Even if you did get a tax break on your income taxes, you are still paying $122 of your $300 in taxes.
Does any of this outrage you? It does me. If any one of you see a flaw in my analysis, please point it out. I would love to be shown where I am wrong and we are not really paying these loan shark amounts.
I never really though about this. It does seem to be a lot that is being taken from us.
ReplyDeleteI have often discussed this subject with many people and most do not understand what they really pay. When you talk about cutting the tax burden, you have the opposition pointing out the roads, sewers and other infrastructure that needs maintained. What they fail to mention is the billions that all levels of government spend. These include parks, jogging trails, ball parks, sport arenas, museums, art centers, schools and the list goes on and on. At what point do we decide what is a necessity and what is a luxury. Do we use all of these luxury s? I would venture an estimate of about 30%. The other 70% don't care, but still pick up the tax burden. The biggest problem we have is that we have become to expect the "government" to be all things to all people. We want everything done for us, we no longer want to volunteer or donate our time and some of our personal income to pay for these luxury s, we want to rely on social collectivism so that we can have our cake and eat it too. Unfortunately the Baker is running out of dough and the cake is disappearing.
ReplyDeleteOne side note: Those that are familiar with history are aware that while the Roman Empire was crumbling, the Caesars were building massive sports complexes. Why? Because, if you keep the masses passivized, you can do what you want. You ca even fiddle while the civilization around you burns to the ground