How much money do you pay out in taxes every month? Do you know? Sure, you could look at your pay stub and see what you paid in Federal, State and Fica taxes, but that's not all you pay.
In the month of August, I took great care to keep track of every penny I spent on every tax I knew about. My full analysis will come shortly, but I learned much from it. There are so many taxes that we don't even think about that we pay. How many people think about the gasoline taxes they pay when they're pumping gas? How about when you're at a fair and price of everything you buy has "tax included in the price". You don't even get to see it!
I think everyone should spend the month of October keeping track of every tax they pay on everything. Keep every receipt, utility bill and pay stub. Make a spreadsheet and get as simple or complex as you want. Two things you want to know are how much gross income you had and how much you paid total in taxes. That's your real tax rate.
Mine was 25.37%. What will yours be?
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