Today, at ATR’s annual Tax Day Eve press conference, CFA officially launched "Tax Bites."
For the most part, taxpayers are generally unaware just how much of the price of any given good or service is actually brought to them courtesy of the government taking a big bite at the apple.
In an effort to highlight the hidden burdens imposed by government, Americans for Tax Reform Foundation, together with CFA, has estimated average prices and taxes imposed on 13 popular targets for multiple layers of hidden taxes.
“Sin” taxes, telecommunications taxes, and taxes on tourists are included in the analysis. While most of these goods and services are subject to specific excise taxes and other charges, the tax “bite” also includes the cost of sales taxes, corporate income taxes, payroll taxes, property taxes, capital gains taxes, unemployment insurance taxes, workmen’s compensation taxes, and other payments businesses must make to federal, state and local governments.
As tax rates and prices change, CFA will be re-calculating the "bites," as we just did with the "cigarette tax bite," which, due to the significant hike in the federal excise tax on tobacco taking effect in April of 2009 jumped from 81.3 percent to a whopping 86.71 percent. Happy Tax Day!?!?
To learn more about "Tax Bites" click here.