And the conversation is always on FEDERAL taxes. What about all the state, local, sales, and hidden taxes & ‘fees’ we pay? Gas, telephone, cable tv, sales taxes, wage taxes, payroll taxes, school taxes, hotel taxes, cigarette taxes, mercantile taxes, utility taxes, property taxes ...
Beginning April 15th we should all take every single invoice, bill, and receipt we have and add up all the taxes we pay and see what the total is after 1 year. I’d bet we’d be stunned.
Here in the PR of Maryland in a high tax county in an incorporated city, we pay upwards of 50%. Which is why we ‘moved up’, simply so we could have a larger deduction. Otherwise, it would be worse, closer to 60%.
Meanwhile, we don’t have cushy pensions and thus, try to save as much as we can.
Needless to say, we don’t belong to fancy clubs or take exotic annual vacations.