I found this list at 12DaysOfTaxes and thought it was an interesting read.
1) Income Taxes
The United States income tax is usually the first thing people think of when they hear the word tax. That is because between Federal and State taxes some Americans loose as much as 35% of their paychecks to income taxes.
2) Business TaxesAlso known as corporate taxes, these are direct taxes levied on the profits of businesses. Expenses that are deemed necessary to the business can usually be deducted to lower the amount of profits subject to taxation.
3) Payroll TaxesThese are the taxes that must be deducted from wages paid to employees, and the employer usually must match the amounts. Some payroll taxes include federal withholdings, disability insurance, Medicare, and other state withholdings.
4) Capital Gains Taxes
In the United States a tax is levied on all income generated from a taxpayer’s capital gains, which are profits from the sale of an asset that was purchased at a lower price. Alternatively, if a taxpayer suffers from capital losses they can deduct the full loss amounts. The most common capital gains are created from the sale of stocks, bonds, and property.
5) Inheritance TaxesThe inheritance tax – a/k/a the “death tax” – is a tax that arises from the death of a taxpayer. It is imposed on the transfer of any property or asset transferred as the result of a death. However, when they are left to a spouse or a charity, the tax usually does not apply.
6) Sales TaxesConsumption taxes – a/k/a sales tax – are levied at the point of purchase for specific goods and services. It is usually a percentage determine by the levels of government charging the tax. Due to individual state and local taxes, the exact rate you pay will vary widely by location.
7) Property TaxesProperty taxes are imposed on property by reason of its ownership. Typically, these taxes are paid on real estate. However, property taxes can also be paid on personal property, such as boats, automobiles, recreational vehicles, and other business inventories.
8) Excise TaxesAny tax that is based on the value of the product being taxed is considered an excise tax. They are based on the quantity of the product. Common examples include those levied on gasoline, cigarettes, taxes, and even those on CD-R's and DVD-R's that are paid to copyright owners.
9) Gift TaxesA gift tax is a one that is levied on the transfer of property by one taxpayer to another while receiving either nothing or something with a less than equal value in return. Selling something at less than it’s full value or making an interest-free or reduced interest loan, may qualify as making a gift. The IRS’s general rule is that any gift is a taxable gift. However, there are many exceptions.
10) Retirement TaxesAll taxes levied by the government to plan for a taxpayer’s retirement could be considered retirement taxes. In the United States we pay into a social security system that provides income to retired workers from the general fund. Our tax is regressive as we all pay the same rate up to a specific cap. Then all income above the cap is not taxes.
11) TariffsAn import or export tariff is one that is paid by the movers of any good through a political border. Typically, it is used to “encourage” local businesses and “discourage” the purchase of foreign goods, by increasing the price for the foreign goods. Consider this when you are looking at buying a car as tariffs can increase the cost of a vehicle manufactured outside the U.S.
12) TollsTolls are fees charged to drivers who cross through designated bridges, tunnels, and even some roads. They are almost always paid in fixed amounts each time you drive pass through the restricted area. Tolls are typically used fund state projects but can also be used for privately funded projects.
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16 comments:
I didn't even know we payed so many different types of taxes! Interesting and informative.
Amanda <3
Taxes are an unfortunate necessity. But up to 35 percent of your income? That's quite a large chunk.
That's interesting
Very interesting post
Just like in the monarch of old the king gets a cut of every thing you do. Most of these taxes directly violate the U.S. constitution. Any one who thinks the U.S. is a free country has there head in the sand or is completely brainwashed by all the propaganda telling them they are free when in fact they are not.
It is interesting to note that USA is in a group few countries in the world that do not levy Value Added Tax (VAT)on their citizens. VAT in its essence is to administer: it touches group of taxpayers that are sometimes non-VAT payers and "VAT chain" is often broken.
Instead of VAT US government uses easily administrable Sales Tax that is payed when making a purchase of good or service.
Just shoot me.
Income tax and payroll tax are the same thing, different name. Inheritance tax is only applied to estates over $2 million. Income tax is progressive meaning that your not taxed 35% on every dollar you make, but only every dollar over $350k for individuals and $175 for couples. Your taxed at lower rates first then they increase as you make more. On average the typical person pays in the 20-25% range when averaged over their entire income. Property taxes are how we pay for public education, any other ideas? Social security is not a retirement tax, think about it; the disabled pull from this fund as well.
thank for post!it is useful for me although i'm not american. however according to some material i know, they said capital gain tax is not a separate tax. merely a component of the income tax. so i wonder whether it is right or not.iam also surprised when know there is not VAT in US, it is interesting! oh, can SO tell me about the differences among tax,duty, custom, tariff? Many thanks!
Never mentioned the Inflation tax. A hidden tax that all Americans must pay that further separates the rich from the poor.
There are many more taxes we all pay here in America not listed on this page, like "sin taxes" on tobacco and alcohol, and a monstrous gas tax on every single gallon we pump (something like 20 cents per gallon)!
And many, many more. The government grows because it can afford to grow.
Imagine if we got to keep more of the money we earn?
income tax and payroll tax are NOT the same thing. Income tax is your Federal withholding tax, payroll taxes are SS and medicaid, which your employer must match.
Taxes are often evaded. There are several [hychological reasons for that.
You forgot the inflation tax. From what I understand the inflation tax is taking about 10% of our wealth every year.
From 1776 to 1913 The United States of America became the most prosperous country in the world...without federal income tax!
Think about that.
Most people don't realize that our taxes are only being used to pay the billions of dollars in interest on our national debt.
We moan and complain about these corporations and the bailout money being spent on a few million dollars in bonuses, but we say nothing when our own Government, run for the people by the people, spends Trillions of dollars on worthless junk.
Wake Up!
At this point it is wise to NEVER VOTE FOR AN INCUMBANT. KICK OUT THE GANG THAT IS THERE. Try the libertarian party. If you read their platform (on the WEB) you will see that they are for REAL freedom. I switched my party after 40 years. My former party don't matter. Repubs and Dems are EXACTLY the same.
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