Taxes and Death…….

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There is a saying that only two things in life are eternal; death and taxes…..

Well! It is very true for almost all of us. Do most of us understand exactly how much of our money goes in paying taxes every day, every month, every year?

Lets just say…… for every 100 bucks you make, if you pay 30% income tax , 30%  (+ social security tax) of your salary goes into tax, before you even get your hands on the paycheck………. (30 bucks)

Now lets add things you need to purchase : say you need to buy groceries worth 15 bucks: 6.5 to 7 % sales tax on that…… hmmmm……..(there are hidden taxes inside the prices of the goods you are purchasing too).

You might want to have that pizza one night a week or Mexican or Thai or Chinese or Indian……….. comes with  a service tax ………. are you getting concerned?

There are taxes  bundled neatly into so many of your goods (clothing, machinery and others items which may have been partly imported) and services too…..Add to that the other direct taxes such as property taxes, investment taxes, money transfer taxes etc.  The indirect taxes, on the other hands are the taxes you don’t even know you are paying, except for those attorneys  sitting in the company office, who  decide how much tax burden they have to pass onto the consumers………. 

The calculations may sound ridiculous, but it might actually blow your mind if you find out how many taxes are there inside your toothbrush and toothpaste………. You spend almost 50-70% of your earnings paying taxes depending on the country of residence.

Death and taxes!!!!!!!!! Kinda Morbid……. Its tax season fellas and gals……. Don’t tear your hair out…….

P.S. This is a rough estimate. The taxes for an individual may vary depending on the income bracket, investment portfolios and the lawyers they can manage to get…. Keep living………….. K.S.

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