ForbiddTV | How much taxes do you really pay? Way more than you think! @ForbiddTV | Uploaded August 2018 | Updated October 2024, 1 hour ago.
Would you believe I can show that you pay more than 50% of what you make in taxes? The numbers might surprise you!
Sources for the number referenced in the video:
Income:
thebalancecareers.com/average-salary-information-for-us-workers-2060808 says $44,562
ssa.gov/OACT/COLA/AWI.html Social Security says 48,642
fool.com/investing/2017/03/24/whats-the-average-income-in-the-united-states.aspx says $51,272
businessinsider.com/us-census-median-income-2017-9 says about $58,000
Federal income tax 25% on income between 35K-85K
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
State and local income tax 9.9%
tax-rates.org/taxtables/income-tax-by-state
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Social Security 4.7% averaged self employed and employed (not with employer contributions)
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Medicaid/Medicare 1.66% (as above)
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Property tax each of the country’s 84 million single-family homeowners paid an average of $2,127/yr (4.5% @50,000) to $3,296 in property taxes (or 6.6% @50,000)
fool.com/retirement/2017/01/27/heres-what-the-average-american-pays-in-property-t.aspx usatoday.com/story/money/personalfinance/2017/04/16/comparing-average-property-taxes-all-50-states-and-dc/100314754
Estate/gift/Inheritance/death tax en.wikipedia.org/wiki/Estate_tax_in_the_United_States
estate.findlaw.com/planning-an-estate/how-us-tax-rules-apply-to-inheritances-and-gifts-from-abroad.html
Luxury tax Recently, the United Sates Luxury Tax is being imposed on goods like perfumes, tobacco, deluxe cars, alcohol, jewelries, and many other items. economywatch.com/tax/united-states/luxury.html
Hotel tax (can be quite large) traveltips.usatoday.com/calculate-hotel-tax-61990.html finweb.com/taxes/a-list-of-state-hotel-tax-rates.html
Sales tax 6%
thomsonreuters.com/en/press-releases/2016/december/state-level-us-sales-tax-rates-unchanged-in-q3-2016.html
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Fuel taxes (Fed gasoline .18/gal, Fed diesel 24.4/gal)
State fuel taxes en.wikipedia.org/wiki/Fuel_taxes_in_the_United_States (.31.04/gal) (about .50/gal fed and state tax combined which is @20% @2.50/gal, 18% @$2.75/gal, 17% @3.00/gal) Average miles traveled in US annually fhwa.dot.gov/ohim/onh00/bar8.htm (13,500 miles @25pmpg = about 540 gals/year = about $270/year in Fed & State fuel tax combined, or about ½% of $50,000)
Vehicle registration/tolls/air/inspection/parking meters/passport/fines
nerdwallet.com/blog/loans/total-cost-owning-car ncsl.org/research/transportation/registration-and-title-fees-by-state.aspx huffingtonpost.com/gobankingrates/most-and-least-expensive_b_9516846.html ncsl.org/Portals/1/Documents/transportation/Motor_Vehicle_Registration_Fees_18014.pdf#page=36
Phone/911 (9/11 fees about $1/mo for $10/yr or .02% @50,000)
taxfoundation.org/cell-phone-taxes-2017 (18.5% of entire bill is taxes or about $60/yr in taxes for one cell line or .12% of $50,000)
en.wikipedia.org/wiki/Federal_telephone_excise_tax
Cigarette/alcohol
Court fines
Schools/library
Electric/Sewer/water taxes
wallethub.com/edu/energy-costs-by-state/4833
IRA early withdrawal
Gun ownership/carry permits
Environmental/tires/disposal
Zoning/building/well/septic
IRS interest/penalties
Marriage license
Inflation
Ten Planks of the Communist Manifesto:
beliefnet.com/columnists/watchwomanonthewall/2011/07/list-of-10-planks-of-the-communist-manifesto.html
Would you believe I can show that you pay more than 50% of what you make in taxes? The numbers might surprise you!
Sources for the number referenced in the video:
Income:
thebalancecareers.com/average-salary-information-for-us-workers-2060808 says $44,562
ssa.gov/OACT/COLA/AWI.html Social Security says 48,642
fool.com/investing/2017/03/24/whats-the-average-income-in-the-united-states.aspx says $51,272
businessinsider.com/us-census-median-income-2017-9 says about $58,000
Federal income tax 25% on income between 35K-85K
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
State and local income tax 9.9%
tax-rates.org/taxtables/income-tax-by-state
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Social Security 4.7% averaged self employed and employed (not with employer contributions)
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Medicaid/Medicare 1.66% (as above)
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Property tax each of the country’s 84 million single-family homeowners paid an average of $2,127/yr (4.5% @50,000) to $3,296 in property taxes (or 6.6% @50,000)
fool.com/retirement/2017/01/27/heres-what-the-average-american-pays-in-property-t.aspx usatoday.com/story/money/personalfinance/2017/04/16/comparing-average-property-taxes-all-50-states-and-dc/100314754
Estate/gift/Inheritance/death tax en.wikipedia.org/wiki/Estate_tax_in_the_United_States
estate.findlaw.com/planning-an-estate/how-us-tax-rules-apply-to-inheritances-and-gifts-from-abroad.html
Luxury tax Recently, the United Sates Luxury Tax is being imposed on goods like perfumes, tobacco, deluxe cars, alcohol, jewelries, and many other items. economywatch.com/tax/united-states/luxury.html
Hotel tax (can be quite large) traveltips.usatoday.com/calculate-hotel-tax-61990.html finweb.com/taxes/a-list-of-state-hotel-tax-rates.html
Sales tax 6%
thomsonreuters.com/en/press-releases/2016/december/state-level-us-sales-tax-rates-unchanged-in-q3-2016.html
fool.com/retirement/2017/03/04/whats-the-average-americans-tax-rate.aspx
Fuel taxes (Fed gasoline .18/gal, Fed diesel 24.4/gal)
State fuel taxes en.wikipedia.org/wiki/Fuel_taxes_in_the_United_States (.31.04/gal) (about .50/gal fed and state tax combined which is @20% @2.50/gal, 18% @$2.75/gal, 17% @3.00/gal) Average miles traveled in US annually fhwa.dot.gov/ohim/onh00/bar8.htm (13,500 miles @25pmpg = about 540 gals/year = about $270/year in Fed & State fuel tax combined, or about ½% of $50,000)
Vehicle registration/tolls/air/inspection/parking meters/passport/fines
nerdwallet.com/blog/loans/total-cost-owning-car ncsl.org/research/transportation/registration-and-title-fees-by-state.aspx huffingtonpost.com/gobankingrates/most-and-least-expensive_b_9516846.html ncsl.org/Portals/1/Documents/transportation/Motor_Vehicle_Registration_Fees_18014.pdf#page=36
Phone/911 (9/11 fees about $1/mo for $10/yr or .02% @50,000)
taxfoundation.org/cell-phone-taxes-2017 (18.5% of entire bill is taxes or about $60/yr in taxes for one cell line or .12% of $50,000)
en.wikipedia.org/wiki/Federal_telephone_excise_tax
Cigarette/alcohol
Court fines
Schools/library
Electric/Sewer/water taxes
wallethub.com/edu/energy-costs-by-state/4833
IRA early withdrawal
Gun ownership/carry permits
Environmental/tires/disposal
Zoning/building/well/septic
IRS interest/penalties
Marriage license
Inflation
Ten Planks of the Communist Manifesto:
beliefnet.com/columnists/watchwomanonthewall/2011/07/list-of-10-planks-of-the-communist-manifesto.html
