Fred Harteis News Articles - Consumers pay hundreds of billions of dollars in "hidden" taxes each year. It's estimated that our federal income tax represents less than HALF of the taxes we pay each year.
No. 1: Gasoline Tax
You probably already knew that such a tax existed, but you probably didn't realize how steep a tax it actually is. Next time you fork over big bucks at the pump, remember that you are paying nearly 46 cents per gallon in federal, state and local taxes. That's nearly 15% of the cost of a gallon of gas!
No. 2: Gas Guzzler Tax
Speaking of gas ... if you are driving an SUV or other large vehicle, you have a tax double whammy. Not only are you paying that big gasoline tax, but you also got socked with a special tax dealers are charged -- and pass right along to you on the sticker price -- for gas guzzlers.
No. 3: Travel Taxes
Airfare, hotels, your rental car -- you are paying a hefty tax on each one of them.
You pay a 7.5% tax on a domestic ticket and a $3 tax for each segment of a flight. Hotel and rental car taxes vary by state, but can be as much as 40% of your overall cost. Ouch!
No. 4: "Sin" Taxes
If you enjoy beer, liquor, gambling or cigarettes, get ready to be taxed.
The federal tax on a pack of cigarettes is 39 cents, but there are many state and local taxes that increase the price. Tobacco taxes contribute more than $7 billion to the Treasury every year. Almost half of the cost of beer and liquor comes from excise taxes.
No. 5: Fishing Isn't Free
A fishing enthusiast pays 10% of the sales price on sport-fishing equipment in taxes. That's enough to make you switch to another sport. Maybe archery? But wait, an archer pays 40 cents tax per arrow. And quivers are taxed at 11%! If you buy a shotgun or other firearm, you'll pay 11% of the sales price in federal tax on the gun as well as any ammunition. Handguns are taxed at 10% of the sales price.
No. 6: State Taxes on Insurance Premiums
This little doozy brings in $9 BILLION in revenue a year! States charge insurance companies a tax on the insurance premiums they receive from customers in that state. And who do you think the insurance companies pass that cost along to? You got it. You and me.
No. 7: Excise Tax on Imports
Peanut butter lovers hold on to your knives, the cost of an imported jar of this sandwich spread can be jacked up as much as 143% by import taxes alone!
No. 8: Payroll Taxes
Forget about your income tax withholding. When is the last time you looked -- really looked -- at all the other taxes coming out of each and every one of your paychecks? You've got your Social Security tax, your Medicare tax, your unemployment tax, your workers compensation ... it all adds up to a serious percentage of your money going into someone else's pockets.
Source: Aol.com
About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.