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6 THINGS EVERY AMERICAN SHOULD KNOW ABOUT TAXES

July 25, 2019

Every day is a tax day in America. Yes, a lot of confusion with tax forms, quick
trips to the mailbox, and a lot of headaches associated with keeping up with
taxation requirements. Every American citizen is subject to local, state and
federal taxation. Nonetheless, there’s still a huge group of people who do not
know anything solid about taxes. Here are 6 things every American citizen should
be aware of when it comes to taxation.


1.    TAXES ARE EXPENSIVE

According to research, taxes (at all levels), eat up about a quarter of the GDP
(gross domestic product) every year. GDP refers to the entire total economic
production value of a national annually. That’s about $4.8 trillion dollars.
It’s no doubt not a trivial amount, and most informed taxpayers will understand
this all too well. Based on information from the Tax Foundation, the average
American citizen will work over three months each year to pay their share of
taxes for the year. This means that up to 31% of all the money you make annually
going to paying taxes. That’s a whole lot, you agree?


2.    DIFFERENT STATES, DIFFERENT TAXES

A significant proportion of American taxpayers still do not know that different
states have different local and state codes. Each state and its local
authorities will structure a tax system that’s best in line with its needs.
States such as New York, California and Wisconsin have greater tax burdens as
compared to others. For instance, the taxation level in New York is nearly
double that in Wyoming. Just so you know, it helps to do a little research to
determine whether you’re paying more in your state that other Americans are
paying in their states!


3.    GOVERNMENT DOESN’T COLLECT ENOUGH MONEY FROM TAXATION

Although the American government and various local and federal authorities
collect a significant proportion of the GDP in taxes, it’s just never enough.
That means the federal spending is more than federal taxation. However, it’s
important to note that in recent years, the federal spending levels have
trickled down especially due to reforms in the budget. But the federal deficit
is predicted to rise in the future decades, as a result of overspending. If you
were perhaps wondering why the government owes China about $1.3 trillion, then
you have your answer.


4.    TAXES AFFECT THE PERFORMANCE OF THE ECONOMY

There’s no doubt that taxes affect the performance of the economy. Based on
studies from multiple sources, there are proven negative effects of taxation on
investment and economic growth. For instance, people often think about the tax
rate when considering where to relocate their family or business. That means
locations with seemingly ‘unattractive’ tax rates could lose potential
investment opportunities.


5.    IT’S EXPENSIVE TO COMPLY WITH TAXATION REQUIREMENTS

Americans spend over $168 billion every year trying to file returns and comply
with tax laws. And that’s before you even consider the money and time spent
complying with local and federal taxes. The full cost of compliance for
businesses and individual taxpayers is massive. Thus, tax compliance is a very
expensive affair!


6.    WHERE DOES ALL THE MONEY GO TO?

Over half of all money collected from taxation goes to Medicare and social
security. About 19% goes to income security and other benefits while national
defense soaks about a whopping 17%. The remaining percentage is divided up
amongst other areas such as education, transportation, etc.

This article emphasizes how taxes impact on your savings, work and investment.
It also highlights just how much of your money goes out to various authorities
at the local, state and federal levels. It’s a great starting point especially
if you’re looking to bolster your tax education.



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