• Walt Wilson

Tax lesson for children

Simple illustration of taxing 30% of your children’s ice cream, is great for understanding tax brackets. Unfortunately, income taxation is just a small amount of taxes we are confronted with on a daily basis. I submit that if I have 70% of each dollar remaining after all the different fees and taxes I pay on a daily basis, I’m fortunate.

Taxes on our income is only part of the overall taxation on our money!

List of taxes, which we are confronted with on a daily basis.

Federal Income Tax · Social Security Tax · State Tax · City Tax · County Tax Property Tax · School Tax · Sales Tax · Estate Tax ·Gasoline Tax · Water Tax Sewer Tax · Business Tax · Airport Tax · Telephone Tax · License Tax Hotel Tax · Cable TV Tax ·User Taxes · Unemployment Tax · Cigarette Tax Corporate Income Tax · Accounts Receivable Tax ·Inventory Tax Marriage License Tax · Liquor Tax · Building Permit Tax ·Medicare Tax Fishing License Tax · Real Estate Tax · Food License Tax · Fuel Permit Tax Hunting License Tax ·Inheritance Tax · Road Usage Tax (Truckers)

Luxury Tax · Recreational Vehicle l ax ·Utility Tax ·Septic Permit Tax Well Permit Tax · Road Toll Booth Tax · Vehicle Sales Tax Workers Compensation Tax · Trailer Regulations Tax · Watercraft Registration Tax Lo n g - Term Capital Gains Tax · Short Term Capital Gains Tax Telephone Federal Excise Tax · Telephone State & Local Tax Telephone Usage Charge Tax ·Telephone Federal Universal Service Fee Tax Telephone Federal, State, and Local Surcharge Tax, Telephone Recurring Charges Tax · Tax on Gas & Energy Electric Tax ·Heating Oil Tax

Think also about the many fees we pay for various services. Fees are a type of taxation that we pay on a daily basis. These fees are not included in the list. We never avoid paying taxes and rightly so, but how much is enough? Can we reduce the amount of taxes we pay?

9 views0 comments