One of those graphs say the 1% pay 16% tax... What am I doing wrong that I'm paying nearly double that?
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
One of those graphs say the 1% pay 16% tax... What am I doing wrong that I'm paying nearly double that?
I'm paying more than triple that when you include State and other taxes listed below:
State & local income taxes
10.1%
(2009 - 10.6%)
State taxes range from under 6% to over 12%. Local taxes run from zero to 2.75%. Source, source, source, 2009 source
Sales tax
9.7%
(2009 - 10.3%)
Figure is the average rate. State sales taxes range up to 8% and local taxes run from zero to over 5%. Source, source, source, 2008 source, 2009 source
Social security & Medicaid
7.65%
Total rate is actually 15.3% since half is paid by the employer, but we're ignoring that to be kind and to avoid being accused of being too political. Source, box 1
Federal corporate income tax share
3%
Based on corporate taxes being approximately 1/6 of personal taxes, and that they are paid by individuals in the final analysis. Source
Property tax
2.5%
(2007 - 2.7%)
Yearly average actual costs range from under $200 in Alaska to almost $1900 in New Jersey. Source
Fuel/gasoline tax
.5%
(2009 est. - .6%)
Approximately 23% of the 2005 gasoline price is for federal & state taxes. The federal excise tax is 18.4 cents per gallon. Per the CPI, about 6% of the average budget is for transportation. Estimated. 2010 estimate, $.45 per gallon average. Source
Other
5%
(2009 est. - 7%)
Includes estate tax, fees, licenses, inflation losses, inheritance, deficit allowance, gift, and others too numerous to mention. Estimated.
Total tax percentage paid by the above average US citizen, 2005 - 54.4%
Total tax percentage paid by the above average US citizen, 2009 est. - 57.7%
--------------------------------------------------------------------------------
A partial list of the various ways in which citizens of the US are taxed:
1. Accounts Receivable Tax
2. Accounting and Tax Preparation fees (cost to taxpayers $300 billion)
3. Accumulated Earnings Tax
4. Accumulation Distribution of Trusts
5. Activity Fee (Dumping Permit Fee)
6. Air Tax (PA coin-operated vacuums)
7. Aircraft Jet Fuel Tax
8. Aircraft Excise Tax
9. Alcohol Fuels Tax
10. Alcoholic Beverage Tax
11. Alternative Minimum Tax – Amt
12. Ambulance Services (Air Ambulance Services, SD)
13. Ammunition Tax
14. Amusement Tax (MA, VA, MD)
15. Annual Custodial Fees (Ira Accounts)
16. Ballast Water Management Fee (Marine Invasive Species)
17. Biodiesel Fuel Tax
18. Blueberry Tax (Maine)
19. Bribe Taxes (Pay If You Dare)
20. Brothel licensing fees (NV – $35,000.00 per year per brothel)
21. Building Permit Tax
22. Capital Gains Tax
23. California Interstate User Diesel Fuel Tax
24. California Redemption Value (Can and Bottle Tax)
25. CDL License Tax
26. Charter Boat Captain License
27. Childhood Lead Poisoning Prevention Fee
28. Cigarette Tax
29. Cigarette Tax Stamp (Acts) (Distributors)
30. Compressed Natural Gas Tax
31. Commercial Activity Tax (OH – for Service Providers)
32. Corporate Income Tax
33. Court Fines (Indirect Taxes)
34. Disposable Diapers Tax (Wisconsin)
35. Disposal Fee (Any Landfill Dumping)
36. Dog License Tax
37. Electronic Waste Recycling Fee (E-Waste)
38. Emergency Telephone User Surcharge
39. Environmental Fee (CA – HazMat Fees)
40. Estate Tax (Death Tax, to be reinstated)
41. Excise Taxes
42. Facility Fee (CA – HazMat Fees)
43. FDIC tax (insurance premium on bank deposits)
44. Federal Income Tax
45. Federal Unemployment Tax (FUTA)
46. Fiduciary Income Tax (Estates and Trusts)
47. Fishing License Tax
48. Flush Tax (MD Tax For Producing Wastewater)
49. Food License Tax
50. Fountain Soda Drink Tax (Chicago – 9%)
51. Franchise Tax
52. Fresh Fruit (CA, if Purchased From A Vending Machine)
53. Fuel Permit Tax
54. Fur Clothing Tax (MN)
55. Garbage Tax
56. Gasoline Tax (44.75 Cents Per Gallon)
57. Generation-Skipping Transfer Tax
58. Generator Fee (Recycled Waste Fee)
59. Gift Tax
60. Gross Receipts Tax
61. Hamburger Tax (Ask Huckabee)
62. Hazardous Substances Fees: Generator, Facility, Disposal
63. Household Employment Taxes
64. Hunting License Tax
65. Illegal Drug Possession (No. Carolina)
66. Inheritance Tax
67. Insect Control Hazardous Materials License
68. Insurance Premium Tax
69. Intangible Tax (Leases Of Govt. Owned Real Property)
70. Integrated Waste Management Fee
71. Interstate User Diesel Fuel Tax
72. Inventory Tax
73. IRA Rollover Tax (a transfer of IRA money)
74. IRA Early Withdrawl Tax
75. IRS Interest Charges
76. IRS Penalties (Tax On Top Of Tax)
77. Jock Tax (income earned by athletes in some states)
78. Kerosene, Distillate, & Stove Oil Taxes
79. Kiddie Tax (Child’s Earned Interest Form 8615)
80. Lead Poisoning Prevention Fee (Occupational)
81. Lease Severance Tax
82. Liquid Natural Gas Tax
83. Liquid Petroleum Gas Tax
84. Liquor Tax
85. Litigation Tax (TN Imposes Varies With the Offense)
86. LLC/PLLC Registration Tax
87. Local Income Tax
88. Lodging Taxes
89. Lump-Sum Distributions
90. Luxury Taxes
91. Make-Up Tax (Ohio, applying in a salon is taxable)
92. Marriage License Tax
93. Meal Tax
94. Medicare Tax
95. Mello-Roos Taxes (Special Taxes and Assessments)
96. Minnow Dealers License (Retail – For One Shop)
97. Minnow Dealers License (Distributor – For One+ Shops)
98. Mobile Home Ad Valorem Taxes
99. Motor Fuel Tax (For Suppliers)
100. Music and Dramatic Performing Rights Tax
101. Nudity Tax (Utah)
102. Occupation Tax (Various Professional Fees)
103. Oil and Gas Assessment Tax
104. Oil Spill Response, Prevention, And Administration Fee
105. Pass-Through Withholding
106. Pay-Phone Calls Tax (Indiana)
107. Personal Property Tax
108. Personal Holding Company (undistributed earnings)
109. Pest Control License
110. Petroleum Business Tax
111. Playing Card Tax (Al)
112. Pole Tax (TX – A $5 Cover Charge On Strip Clubs)
113. Profit from Illegal Drug Dealing
114. Property Tax
115. Prostitution Tax (NV – Prostitute Work Permits)
116. Rain Water Tax (Runoff after a Storm)
117. Real Estate Tax
118. Recreational Vehicle Tax
119. Road Usage Tax
120. Room Tax (Hotel Rooms)
121. Sales Tax (State)
122. Sales Tax (City)
123. Sales And Use Tax (Sellers Permit)
124. School Tax
125. Service Charge Tax
126. Self Employment Tax
127. Sex Sales Tax (UT, when nude people perform services)
128. Sewer & Water Tax
129. Social Security Tax
130. Sparkler and Novelties Tax (WV Sellers of Sparklers, etc.)
131. Special Assessment Tax (Not Ad Valorem)
132. State Documentary Stamp Tax on Notes (FL RE Tax)
133. State Franchise Tax
134. State Income Tax
135. State Park Fees
136. State Unemployment Tax (SUTA)
137. Straight Vegetable Oil (SVO) Fuel Tax
138. Stud Fees (Kentucky's Thoroughbred Sex Tax)
139. Tangible Personal Property Tax
140. Tattoo Tax (AR Tax On Tattoos)
141. Telephone Federal Excise Tax
142. Telephone Federal Universal Service Fee Tax
143. Telephone Federal Surcharge Taxes
144. Telephone State Surcharge Taxes
145. Telephone Local Surcharge Taxes
146. Telephone Minimum Usage Surcharge Tax
147. Telephone Recurring Charges Tax
148. Telephone Non-Recurring Charges Tax
149. Telephone State Usage Charge Tax
150. Telephone Local Usage Charge Tax
151. Tire Recycling Fee
152. Tobacco Tax (Cigar, Pipe, Consumer Tax)
153. Tobacco Tax (Cigar, Pipe, Dealer Tax)
154. Toll Road Tax
155. Toll Bridge Tax
156. Toll Tunnel Tax
157. Tourism or Concession License Fee
158. Traffic Fines (Indirect Taxation)
159. Transportable Treatment Unit Fee (Small Facility)
160. Trailer Registration Tax
161. Trout Stamp (Addendum To Fish License)
162. Use Taxes (On Out-Of-State Purchases)
163. Utility Taxes
164. Unemployment Tax
165. Underground Storage Tank Maintenance Fee
166. Underpayment of Estimated Tax (Form 2210)
167. Unreported Tip Income (Social Security and Medicare Tax)
168. Vehicle License
169. Registration Tax
170. Vehicle Sales Tax
171. Wagering Tax (Tax on Gambling Winnings)
172. Waste Vegetable Oil (WVO) Fuel Tax
173. Water Rights Fee
174. Watercraft Registration Tax
175. Waterfowl Stamp Tax
176. Well Permit Tax
177. Workers Compensation Tax
Last edited:
strider
Active Member
Their income is all long term capital gains and other income that is only taxed at the 15% rate. The rich control the govt so the govt makes tax policy to benefit the rich. You most likely get most of your income on a W2 which is taxed at much higher rates.
That's why we should have a flat tax - everyone pays the same % and no deductions of any kind.
You're probably right. Someone once told me that to keep your money you can't play fair
benji4
Roadster 2.5 #0476
Why isn't paying 15% capital gains tax fair? Nobody gives you the 15% back when you lose your money on a bad investment, and most likely you already paid (or somebody paid) income tax on the money you have left to invest in the first place.
It's merely a reference to the tricks and loopholes one should employ to make sure they pay as little tax as possible. I.e. lower salary, but more side perks that are taxed less etc. Basically actively looking for loopholes and tax havens.
strider
Active Member
Huh? You can absolutely use investment losses to offset gains in other things. But I'm talking about profit from investments, not the original investment. The bottom line is that if you earn a dollar, euro, yen, whatever, you should pay X% tax on that income. It should not matter how you earned it. Earnings are earnings whether you're digging a ditch or pushing papers around an office.
Last edited:
NigelM
Recovering Member
We even have a "security system tax" that requires homeowners to register annually all systems which have an alarm. Cost in Sarasota is currently $30 per year. When we purchased the house, the system was disconnected but we still had to pay the tax.
Similar threads
