Item | Rate | Notes | ||||||
---|---|---|---|---|---|---|---|---|
Federal personal income tax | 17% (2011 est. - 18.2%) | Top 25% rate. It ranges from a credit up to well over 40%. Source | ||||||
State & local income taxes | 10.1% (2009 - 10.6%) | State taxes range from under 6% to over 12%. Local taxes run from zero to 2.75%. Source, source, source, 2009 source | ||||||
Sales tax | 9.7% (2009 - 10.3%) | Figure is the average rate. State sales taxes range up to 8% and local taxes run from zero to over 5%. Source, source, source, 2008 source, 2009 source | ||||||
Social security & Medicaid | 7.65% | Total rate is actually 15.3% since half is paid by the employer, but we're ignoring that to be kind and to avoid being accused of being too political. Source, box 1 | ||||||
Federal corporate income tax share | 3% | Based on corporate taxes being approximately 1/6 of personal taxes, and that they are paid by individuals in the final analysis. Source | ||||||
Property tax | 2.5% (2007 - 2.7%) | Yearly average actual costs range from under $200 in Alaska to almost $1900 in New Jersey. Source | ||||||
Fuel/gasoline tax | .5% (2009 est. - .6%) | Approximately 23% of the 2005 gasoline price is for federal & state taxes. The federal excise tax is 18.4 cents per gallon. Per the CPI, about 6% of the average budget is for transportation. Estimated. 2010 estimate, $.45 per gallon average. Source | ||||||
Other | 5% (2009 est. - 7%) | Includes estate tax, fees, licenses, inflation losses, inheritance, deficit allowance, gift, and others too numerous to mention. Estimated. |
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Well it's tax time again and man what a sham it is. If you stop to think about it we are taxed up the proverbial butt. Everything we own everything we do and almost everything we buy is taxed.We pay income tax on our pay checks, but wait, that's not enough, we have to pay more at the end of the year.Not to mention social security and medicare tax. There is personal property tax ,federal sales tax, local sales tax,you even have to pay taxes on social security, wow! Check this out.
This will give you some idea of what we are paying out every day, every week and every month. But yet there is a shortfall in our federal and local governments! Unbelievable.
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