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.
- 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.