Spending for taxes is the single largest category for most business and personal budgets.
- Earnings, including compensation and self-employment income, are subject to federal, state & local income tax and social security & Medicare taxes.
- Portfolio returns, including capital gains, interest income, and dividends are subject to federal, state & local income tax and for many, Medicare tax, as well.
- Lifetime transfers of property may be subject to gift tax, and property left to others at death may result in estate tax and generation skipping transfer tax.
And, there are other taxes imposed on:
- purchases and sales,
- real and personal property,
- property conveyances,
- gasoline and fuels,
- wireless communication,
- cable TV,
- energy extraction & production,
- rental vehicles,
- and many more ........................
We’re all literally being taxed to death. This is not political commentary, it's a fact. For many American families, the total tax burden exceeds 50% of their income.