Most people can only think of a few taxes they pay, did you know its above 97?
(paradigmlife.net)
🔍 Notable Tax Truths 🇺🇸
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I've looked into this before. The amount of taxes that we are subject to varies depending on which state a person resides in as well as which activities they take part in. Overall, if I remember correctly, 97 is on the low side. Business owners in blue states end up paying significantly more than those in red states. I did the math once and if you're the average American, you end up paying somewhere in the 20%s for federal income tax, plus around 6% sales tax, plus another 5% on property taxes, another 5% for state income taxes, plus another 10% or so in direct miscellaneous taxes. Add another 7.5% that your business (or you, if you are self-employed) pays as part of your income. Businesses (on average, plus the mega corps make sure the fees aren't a percentage so that the smaller businesses pay more in comparison to what they bring in) also pay another 5-20% in taxes and fees depending on their state.
We talk about how much other countries pay in taxes compared to us, but when you start looking into the specifics, our government is just a lot sneakier than other governments. To put it in simpler terms for anyone trying to raise awareness to the NPCs around them. Add anywhere from 10-20% (more if you own a business or like to take part in lots of random activities, add another 5% if you live in a blue state) of your tax bracket to find out the actual amount of taxes you are paying. And think about how many celebs and grifters get in "trouble" (gotta use quotes because they usually just get a slap in the wrist) for not paying their taxes.
Disclaimer: The numbers don't apply to specific people, so you'll likely get an NPC or two arguing that they themselves only pay a small amount over their bracket %, if this is the case, let them know that they are among the lucky ones whose lifestyles aren't being targeted via the government.
In my area, sales tax is 9.5-10%, and we have to pay state tax also, however our property (home) tax is not too bad, though it's slowly been going up the last few years.
The 6% that I used was the average from around ten years ago, so I'm sure it has gone up since then. I don't think many people realize that you can be hit with a sales tax from any/all of the following: State, county, city, municipal, and district. The last two are their own kind of special because they set their own parameters on what even qualifies as a municipality or a district and they can be as lax as "special municipality sales tax" or "special district sales tax" wherein the municipality or district in question is set up by whatever parameters they see fit.
97%? I don’t think it’s that high, and I’m pretty pessimistic on this.
Inflation is the worst tax of them all. If you try to save money, the more diligent you are, the worse off you’ll be. It’s so insidious.
I suspect the base rate is something like 45-55% without a state tax, but with inflation it can potentially go above 100% in terms of annual earnings, if you’ve saved a lot, and easily hit 60-70%.
With state tax it can go higher, of course. I wouldn’t dare try to calculate New York City or California.