I am not talking strictly about income taxes, people get too focused on that. I'm referring to anything that goes to a government entity, required by law.
Income taxes, property taxes, sales taxes, fuel taxes, excise taxes, FICA (in the US) various taxes called fees. There are probably dozens more I can't think of off the top of my head.List of Taxes
I track it all, every receipt, every purchase, every penny. I can run reports to compare gross income to the net after taxes. While my combined federal and state income taxes is only around 14.5% my overall tax burden is 54.7% for someone who is in the middle class and not considered rich.
It is a huge pain to track it all, break down all recipes and keep everything but I do it.
There is no way to know how much taxes are being paid indirectly, such as the corporate tax rate. No way to know how much of a product is paying taxes indirectly when the government makes businesses the tax collector by taxing businesses. As businesses just raise the cost of services/products to collect taxes and pass those along.
Do you know what exact percentage of your income you pay that you can track? I'm curious how others stand out with their percentages of gross vs. net income.
Do you know what percentage of your gross income you pay in taxes?
You are my dream girl. I thought all those with your Sen💰abilitie💰had stopped being Made. From City to County to State to Federal almost 38% of Income after Manipulations -Some Sources of Income are taxed at a higher rate than other Sources. I do as much of the bartering approach as possible. Skill set sharing once Numbers are calculated and equivalency achieved. -For instance, advanced computer, software, and safety measures received and “anything but electrical” in return.-I get cash for purchased items and find a way to write them off too. -Then I spend my money before Tax Collectors can get it. Usually on a dump, with gun shots during day and exterior video camera installation required. Each resident receives Ring Camera upon Lease renew…like that kind of area‼️ Cameras: for multivariable issues such as car safety, weed smoking, drug selling, general loitering AND immediate Police access when a Molotov cocktail is used…
It’s amazing how Patrols increase right up into the main lot per tenants…. And, how the blocks, where my units are, clean up much quicker than non-camera areas…. THEN I evict and upgrade the…. out of the interior and exterior of dwelling.-Expense are tax deductible, area knows I respect them (criminals leave my buildings alone) and tenants stay put. I pick-up trash, pull cans out to curve, and take them back weekly until they are trained…plant 400 daffodils tulips bulbs To Cut. They start Self policing and cleaning up. Ea💰y a year post-purchase… And the family/friend referrals any upcoming availablity…
And developing Nations, like very well and internationally traveled…with 12-16 hours sunlight…. and no winter…with never ending growing and multi water Resources Countries, are a good way to manage Tax Loss, Asset balance, and quality of life/living…. except China is your Neighbor 🙀
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I used to keep track of every penny but lately I just file the taxes and get it over with. I think it is probably a little over 40%. Way too much for the services I am getting.
I quit keeping track, but it would work out to be in about the same range as you. More of my wages go to one tax or another, than are available for everything else combined.
That never sinks in for most people... most never ask themselves whether government at all levels does that's worth more than food, shelter, transportation, utilities, entertainment, and retirement savings COMBINED. And some people who work for a living still vote for someone to leave them with less of their own productive output to live their own lives with.
The government is overblown and mostly not needed. They rob at every point they can... can't even give gifts above a certain price range without them trying to take a cut.
Seems like 40% I lose to taxes on my paycheck after everything, I claim zero and I’m single so I get almost nothing back at the end of the year and sale tax is another way they rob me on the money I already was taxed on
I don't keep track of what I pay in sales tax, or gas tax, or property tax as a percentage of income. My income tax and social security taxes come out at about 23%.
I think about 10%. I do tax avoidance a lot. Pretty much every business owners do that here. I just hate how the government keeps the taxes for themselves.
That was my old business closed due to pandemic by the way. My current one, i haven't registered as a taxpayer yet and i will just start doing the process only if they ask me for the business permit. Also because currently i'm just a self-employed with 1 staff i can just pay minimum. A habit of everyone here because the government is too passive and easily bribed. That's corruption here
Lucky you, I'm at that just from income taxes, and FICA alone.14.5% for both income taxes and the 6.2% FICA taxes, puts me at 20.7% then I add in the sales tax, and I'm up even more, then I keep going with the others after that.
Those are only my income taxes. I don't know how much more my social security, medicare, property, or sales tax is. Or how much my employer pays in taxes to employee me? Though it should be equal to my social security tax. But I just can't get past how dumb it is that you have to pay taxes on employing people.
I wouldn't even know how to calculate all that. Nor do I really care. I'd say like $11 of my weekly grocery shop goes to tax. Which is far less than my income tax so it's really just meh whatever.
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