Wednesday, May 16, 2012
How much do you pay in total taxes?
The American Institute of CPAs launched the Total Tax Insights calculator, which lets you estimate the amount Americans pay each year for the most common federal, state and local taxes. This shows that federal income tax is only one component--although a large one--of total taxes paid by individuals, giving lie to the idea that people who don't pay federal income tax somehow have no skin in the game. It would be even more fun if you could do a cross-country comparison.