Americans are subject to a total of over 175 taxes, here is just a partial list: accounts receivable tax, alcoholic beverage tax, building permit fax, , cigarette tax, , death tax, federal income tax, gasoline tax, gift tax, individual income tax, IRA rollover tax, IRA early withdrawal tax, IRS interest charges (tax on tax), IRS penalties (tax on tax), Medicare tax, motor vehicle tax, property tax, state & local sales tax, school tax, self-employment tax, state income tax, telephone , telephone federal universal service fee tax, telephone federal surcharge tax, telephone universal access tax, utility taxes, , vehicle sales tax...and the list goes on. The government receives over 90% of its revenues through taxes.
The taxes that are paid by you and me are the monies that the government spends. In an earlier article, we reviewed the national debt. On that date 11/23/09, the national debt was $12,011,838,881,463.68 (12 trillion, 11 billion, 838 million, 881 thousand, 463 dollars & 68 cents). As of 10/18/10, less than a year later, the national debt is now $13,668,894,473,093.42 (13 trillion, 668 billion, 894 million, 473 thousand, 93 dollars & 42 cents). It has increased by $1.6 trillion dollars or close to $5.1 billion dollars/day. In November of 2009, each man, woman and child owed $40,039. 325 days later, each man, woman and child owes $45,563. Are you better off now than you were 325 days ago?
Through no effort or errors of your own, you are an additional $5,524 in debt; each day an additional $16.99 comes out of your wallet. What does this mean to you? It means your money is taxed before you get it, while you have it & when you spend it. You striving to "get ahead" is hampered by the shackles of government spending. The only way to support the current levels of government spending is to increase taxes. Ultimately, this means less money for you and your family. What can you do? First, become knowledgeable about how your tax dollars are spent. The government budget is no different from your household budget except there are more zeros and you cannot spend money you do not have. Next, hold elected officials accountable for how they allocate tax dollars. Then, stay in communication with your elected representatives from the local to the federal level. Let them know when they do something you don't agree with but also let them know when they do a good job. Last, but not least, research the candidates for elected office before you vote; we owe this to our families, our communities and our nation.
REFERENCES & MORE INFORMATION:
A partial list of taxes Americans are forced to pay
A list of taxes we, as Americans, pay every year
The debt to the penny & who owes it (Treasury.gov) http://www.treasurydirect.gov/NP/BPDLogin?application=np