Tuesday, July 03, 2007

Listing of Indirect and Direct taxes

Most of us have seen the long list of taxes that have appeared over the last 100 years due to the ever expanding reach of government. But I have yet to see a list of the hidden taxes that we pay, which in some ways are even more insidious than the ones we can see.

Some of these issues are addressed directly by HR25, some may be impacted by HR25, and some we may never get a handle on. Please feel free to add to this list.

Hidden cost of government:

Indirect taxes:

1) Cost of tax compliance – not just limited to income tax filing and record keeping (Have you ever had to stand in line at the DMV?)
2) Cost of employer share of employee withholding – included in consumer's cost of goods and services
3) Cost to companies of government mandated regulations - included in consumers cost of goods and services
4) Cost of corporate taxes - included in consumers cost of goods and services
5) Cost of deficit spending - inflation and interest on federal debt
6) Cost of government subsidies that artificially inflate the cost of goods and services (kind of a double wammy)
7) Multi tiered taxing - tax on tax, included in the cost of goods and services that include components that are produced by multiple and/or vendors/contractors.
8) Pork legislation:
- Funding of the pork itself
- Funding of marginal legislation that may not have passed with out the pork attached (purchasing of votes).
- Tax breaks for entities as a result of the legislation that puts the tax burden elsewhere
8) Intangible costs:
- “Brain Drain” – lost economic opportunity due to time spent on tax avoidance schemes in lieu of creating new wealth.


The following ar costs that are not as well hidden:

Direct Taxes:

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes F
ederal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (42 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges
IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Sales Tax
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges Tax
Telephone State and Local Tax Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

0 Comments:

Post a Comment

<< Home