April 7, 2012

The Taxes We Pay Daily



Your Daily Tax Diary: How We Pay Off Our Dues by 1:21 PM

May 28, 2010

Daily Mail - The typical British worker spends more than half their working day paying off the taxman, according to new research.

Employees have to toil away until 1:21 pm in the afternoon before they are able to start earning money for themselves.

The TaxPayers' Alliance, which campaigns for lower taxes, has broken down the amount of time it takes to pay off the 'burden' of taxes from National Insurance to Alcohol duty. It has produced a film which follows a typical worker called 'Adam' who is single and earns just over £26,000.

  • The video says that it takes one hour and 16 minutes to pay off his income tax, which is charged at 20 per cent over his personal allowance of £6,475.

  • A further 43 minutes are spent covering National Insurance, with VAT taking 40 minutes.

  • The clock ticks to 11.52 am and while Adam makes himself a drink, the narrator informs the viewer the equivalent of 13 minutes of his working day goes towards his £825 annual motoring taxes.

  • After work, Adam will go home to his "typical two-bedroom flat" - with 21 minutes of his day spent paying off his council tax which costs £1,438.80 for an average Band D property.

  • The film goes on to detail the worker's eight minutes of taxes on luxuries such as alcohol and cigarettes followed by a 50-minute slot for his employers' part of National Insurance.

It is not until 1:21 pm that 'Adam' starts earning money which will go into his own pocket.

Matthew Elliott, chief executive of the TaxPayers' Alliance, said:

'The tax burden is far too high, and people now work right into the afternoon just to pay the taxman. Britain will only be able to grow and recover from the recession by getting people working, but those who do work are getting hammered by excessive taxation.'



List of Taxes We Pay

May 10, 2006

Interdisciplinary World - Just for fun, a list of all the taxes we pay here in the U.S.:

Accounts Receivable Tax
Building Permit Tax
Capital Gains Tax
CDL License Tax
Cigarette Tax
Corporate Income Tax
Court Fines (indirect taxes)
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax
Interest Expense (tax on the money)
Inventory Tax I
RS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Local Income Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Recreational Vehicle Tax
Road Toll Booth Taxes
Road Usage Taxes (truckers)
Sales Taxes
School Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Federal Universal Service Fee Tax
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Toll Bridge Taxes
Toll Road Taxes
Toll Tunnel Taxes
Trailer Registration
Tax Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers’ Compensation Tax

So we are taked when we make money, spend money, save money, invest money -- and die.

Ever look at your phone bill (if you have a land line)? Twice the bill is taxes.

Editor's Note: Soon to be added to this list with be a value-added tax, carbon tax, and health insurance mandated by the federal government (Obamacare).

AP reports that “4 million Americans — the vast majority of them middle class — will have to pay the new penalty for not getting health insurance when President Barack Obama’s health care overhaul law kicks in, according to congressional estimates released Thursday. The penalties will average a little more than $1,000 apiece in 2016, the Congressional Budget Office said in a report.”

Penalties will be phased in from 2014. By 2016, the fine will be $695 or 2.5% of household income, whichever is greater. More than a dozen states are challenging the individual mandate in federal court as unconstitutional.

If only candidate Obama could explain to President Obama why mandates aren’t such a good idea:

Back in 2008, he ripped Hillary Clinton for supporting a mandate, claiming that was a “genuine difference” between them.

Here he compares a health care mandate to forcing the homeless to buy homes.

Meanwhile, nary a day passes now that some company isn’t reporting bad financial news precipitated by the passage of ObamaCare.

[Source]

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