Ever stop to think what taxes you really pay day after day, week after week, month after month year after year? While we all know that we pay income tax and sales tax, did you ever stop and think what other taxes you pay for cable, real estate, cell phone, gasoline, tobacco products, alcohol, ad valorium, etc. Thanks to the American Institute of Certified Public Accountants (AICPA), individuals can now go to one web site to see the “total impact” of the taxes that you pay.
While, there are some situations that can’t be addressed, this is the most thorough tool available to the general public and the AICPA should be congratulated for putting its expertise behind a tool such as this. According to the website, Total Tax Insights (www.totaltaxinsights.org), the calculator gives “…taxpayers a clearer picture of the number and types of taxes they pay throughout the year and their estimated amounts”. While we believe most of America to be appreciative of this public service tool, we can tell you one group that will not be happy – those in Washington!
After you have had a chance to try it out, please come back to this site and let us know what you think. Again, this will not calculate every possible scenario (such as if you have rental property in multiple states) but it is the closest thing that we have seen in a long time to delivering the total picture of what individuals pay on an annual basis.