Adventures in Smarshland

January 17, 2008

Taxes (Transparent and Hidden)

Filed under: Economics — Tags: , — smarsh @ 9:11 pm

I am going to attempt to identify every tax that I am paying any form of U.S. government either explicitly or implicitly.  As I do my income taxes this year I am going to attempt to quantify everything.  If there is a tax you think I should be including I would like to hear about it.  I am going to also try to put together a list of taxes I would not pay myself, but others might, such as the cigarette tax, which as a non-smoker I would not be burdened by.

  • Federal income tax
  • Corporate Payroll tax
  • Social Security (7.5% paid to government directly and 7.5% paid to government by my employer)
  • State Income Tax (I have to investigate if my company pays payroll tax to my state)
  • Local Income Tax (I have to investigate if my company pays payroll tax to my city)
  • Sales tax (I will need to look at my purchases over the course of the year and estimate this)
  • Property Tax (I actually rent, however my landlord pays property taxes which are then past along implicitly)
  • Gas Tax (I have heard that in various location this can be as much as $1.00 per gallon)
  • Bureau of Motor Vehicles Taxes for registration and various other unwanted “services”
  • Inflation caused by the Federal Reserve increasing the money supply (Estimating this will be tricky but I will attempt to quantify)
  • Taxes on purchases of alcohol (I do not drink much but I am trying to be comprehensive and exhaustive)
  • Taxes on Insurance Premiums (Yes, the government taxes your insurance premiums which are then passed along to you in the form of higher prices for insurance)
  • Air Travel Tax (7.5%, plus $3.00 per segment, plus $2.50 per segment for TSA)
  • Telephone Excise Tax
  • Tax on Electric Service
  • Tax on Natural Gas Heating
  • Taxes on imported goods (This one might be tough to estimate, but I will find a way)

Powered by WordPress