Wednesday, May 10, 2006

List of Taxes We Pay

Just for fun, a list of all the taxes we pay here in the U.S.:

Accounts Receivable Tax
Building Permit Tax
Capital Gains Tax
CDL License Tax
Cigarette Tax
Corporate Income Tax
Court Fines (indirect taxes)
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax
Interest Expense (tax on the money)
Inventory Tax I
RS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Local Income Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Recreational Vehicle Tax
Road Toll Booth Taxes
Road Usage Taxes (truckers)
Sales Taxes
School Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Federal Universal Service Fee Tax
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Toll Bridge Taxes Toll
Tunnel Taxes
Trailer Registration
Tax Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers’ Compensation Tax

So we are taked when we make money, spend money, save money, invest money -- and die.
Ever look at your phone bill (if you have a land line)? Twice the bill is taxes.

14 comments:

KAMHauck said...

"State unemployment tax?"

Is that a tax for being unemployed ;)

Ari said...

Ugh.

Anonymous said...

That list is not including all of the hidden fees we pay.

Buying a hamburger will have
business permits, food permits, building taxes etc etc all passed on in the price of the hamburger.

Troy Camplin said...

You are correct. Most people don't think of those taxes.

Robert said...

The power to tax is the power to destroy.

Daniel Webster (1782–1852)

Ironyman said...

Is there a site that show every single tax that paid by an individual and how it passed on and handed down until you have been taxed maybe tenfold on your hard earned dollar.

Troy Camplin said...

I don't know, but it would be nice if there were. All together, the average person ends up paying about 50% of their entire income on taxes -- if we look at everything passed down. As I've said elsewhere, the fact is corporations and the wealthy don't pay taxes -- those costs get handed down to the consumers.

Anonymous said...

Mr. Camplin,

you say, "corporations and the wealthy don't pay taxes." I regret to inform you that is entirly not true, straight up false.

Troy Camplin said...

They pass on the costs to the consumers, either directly or indirectly. Provide an argument, not just an unsupported statement.

theban said...

As a corporate tax accountant I would have to agree with Troy Camplin. Ultimately, corporations are run for profit, after tax profit. period. To a corporation taxes are just another "expense". I can confidently say that the W-2 wage earner is taxed a the highest "effective rate"

Take a $100...
I have $100 to pay you for a days work.
Now, I have to pay employer FICA so I will offer you $92.89
($100/1.0765) because 92.89 + 7.65% FICA = $100 what I have to spend

So you get $92.89 but you have employee FICA taken out at 7.65% leaving you with $85.78 ($92.89 x 92.85%)

Next comes the Federal Income Tax and we'll just stay conservative with 15% tax bracket. Now remember it's 15% of you $92.89 (yes, they effectively tax you on your FICA tax) so now you have roughly $71.85

Now if you live in in a State that assess a state income tax (only 7 states have no income tax) like Oregon set at 9% (of $92.89 = $8.36) so now you have $63.49.

Now say you go an buy a carton of cigarettes with your money, that's what I just did yesterday and it was right around $60. The tax in Oregon is currently $1.18 pack or $11.80 per carton.

I have now received $51.69 benefit in exchange for my $100 worth of labor.

Any questions... send them to
Theban@myenrolledagent.com

theban said...

Oh... I forgot to account for the other employer taxes that I would have to deduct first....
FUTA at 0.8% (Federal Unemployment) They extend benefits...
FICA (already included)
State Unenjoyment (usually 1%-2%)
Workers Comp "insurance" I've seen as high as 16% but ...

You get the idea...
eventually you end up paying, directly or indirectly, about 60%-70% in taxes.

Now you know why I chose to become a tax accountant.

Someone once said..
The rich don't get rich by making money.... the rich get rich by not paying taxes.

Theban@myenrolledagent.com
www.MyEnrolledAgent.com

Anonymous said...

taxes suck

Anonymous said...

an aphorism I once heard says that talent goes where the money is. I would add to that Criminals, Politicians, and bureaucrats follow then consume talent. something else rings in my mind. I remember reading about some fireworks display way back in july 1776 happening because of over taxation... what was that called again? (that was sarcasm by the way, I do study history and know that the American revolution started then

Evan Harriman said...

You are missing the point.