Fun tax facts
I especially like numbers one and and three. Here’s the first:
It will take you 111 days this year just to pay off the government.
That’s an average, of course. But something called the Tax Foundation would have us celebrate Tax Freedom Day, “the day on which the money you earn effectively belongs to you rather than America’s governmental bureaucracy,” on April 21. Pretty sobering.
Here’s number three:
You probably pay more in Medicare and Social Security taxes than you do in income taxes.
That’s certainly the case with me, as a self-employed person with an income that isn’t high (keep using that Amazon portal, folks!). And it makes sense that it’s the case with most people, since Medicare and Social Security account for a huge chunk of federal expenditures (different percentages depending on how you figure it, but all those percentages are sizable).
Today’s posts: brought to you by the word “taxing.” Definition: “demanding, onerous, and wearing; wearingly burdensome.”
Neo and denizens, a serenade appropriate for the day:
TAXMAN by The Beatles (“Revolver” album)
(written by George Harrison)
https://www.youtube.com/watch?v=NqWWOITHnN4
1,2,3,4,1,2
Let me tell you how it will be,
There’s one for you, nineteen for me,
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
Should five per cent appear too small,
Be thankful I don’t take it all.
‘Cos I’m the Taxman,
Yeah, I’m the Taxman.
(If you drive a car), I’ll tax the street,
(If you try to sit), I’ll tax your seat,
(If you get too cold), I’ll tax the heat,
(If you take a walk), I’ll tax your feet.
Taxman.
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
Don’t ask me what I want it for
(Taxman! Mister Wilson!)
If you don’t want to pay some more
(Taxman! Mister Heath!),
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
Now my advice for those who die, (Taxman!)
Declare the pennies on your eyes, (Taxman!)
‘Cause I’m the Taxman,
Yeah, I’m the Taxman.
And you’re working for no-one but me,
(Taxman).
**OOOOPS**!!
I posted the above entry *before* I’d scrolled down and seen an entire neo-neocon blog post featuring — guess what song? — “Taxman” by The Beatles.
Sorry ’bout that, folks. Sorry ’bout that, neo.
(Might there be any quick-‘n’-easy way to install a “delete post” option on the blog?)
M J R
Tax day? OMG! Where’d I put my Turbo Tax disc? 🙁
Just kidding. Taxes filed. Since I don’t have withholding, I pay estimated taxes. Paid enough for a change. But not by much. And that’s a good thing. 🙂
A corollary to #3 is that you pay much more in FICA and Medicare tax than you think you do, unless you’re self-employed. There is no difference between the “employee share” and the “employer share” of these taxes. They are 100% earned by the employee and 100% paid by the employer. Your real salary is 107.65% of your gross pay, and your FICA and Medicare tax is twice what you think it is.
My favorite fun tax fact is that the Federal gov’t and my state gov’t (NY) combined spend ~$75,000 annually for a family of four.