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Started By
Message
The average American pays $524,625 in taxes in their lifetime
Posted on 4/12/24 at 1:53 pm
Posted on 4/12/24 at 1:53 pm
quote:
New Jersey residents pay $987,117 in lifetime taxes, the analysis found, the highest tab in the nation.
The lowest-tax state is West Virginia, with a lifetime cost of $358,407.
The lifetime tax figure, $524,625, works out to about one-third of the average American's lifetime earnings, which add up to roughly $1.5 million.
New Jersey, the state with the highest taxes in the Self Financial report, lost the most residents to other states in 2023
Mailed my taxes today
27
Posted on 4/12/24 at 1:54 pm to TigerintheNO
quote:
The lowest-tax state is West Virginia, with a lifetime cost of $358,407.
Tim Pool
Posted on 4/12/24 at 1:55 pm to TigerintheNO
quote:
lifetime earnings, which add up to roughly $1.5 million.
Posted on 4/12/24 at 1:56 pm to TigerintheNO
Averages seem like a bad measure here, given that almost half (maybe more) people pay zero federal or state income tax.
Posted on 4/12/24 at 1:57 pm to TigerintheNO
Theft
Posted on 4/12/24 at 2:00 pm to TigerintheNO
Best advice I was ever given by a high net worth individual. Find a darn good CPA and pay them whatever they ask! He was right lol
Posted on 4/12/24 at 2:01 pm to Dawgfanman
quote:
Averages seem like a bad measure here, given that almost half (maybe more) people pay zero federal or state income tax.
Yeah, median would be more helpful, but even that doesn’t tell the whole story.
Something like 10% of Americans are paying about 90% of the taxes.
EDIT: Never mind. Article is talking into account income, property and sales taxes. That average could be meaning actually. Lower earners spend almost all of what they earn so pay a lot on sales taxes.
This post was edited on 4/12/24 at 2:05 pm
Posted on 4/12/24 at 2:03 pm to BeauxPete
quote:+1
Best advice I was ever given by a high net worth individual. Find a darn good CPA and pay them whatever they ask! He was right lol
This shite is not a game out here. Shout Family Limited Partnerships, dual citizenships, offshore moves, and the real $800/hour billing tax attorneys out there making sure WE STRAIGHT
Posted on 4/12/24 at 2:29 pm to olemc999
quote:
And gets nothing for it.
How do you get by without using roads?
Seriously this is a really dumb take. Fair share and value for money is a legitimate argument but if you live in the US unless you live off the grid and use nothing that has been in the stream of commerce you have derived some value from taxes. I doubt a single person living in the US can legitimately claim that.
Posted on 4/12/24 at 2:36 pm to TigerintheNO
Wife and I paid $103k in 2023 to feds. Mailed them the little I still owed for 2023 today, along with first qtr estimate for 2024.
Sorry, I was wrong. I owed $106k for 2023, but I had paid estimates of $103k.
Sorry, I was wrong. I owed $106k for 2023, but I had paid estimates of $103k.
This post was edited on 4/13/24 at 9:45 am
Posted on 4/12/24 at 2:37 pm to TigerintheNO
Ukraine thanks us
Posted on 4/12/24 at 2:38 pm to Obtuse1
quote:
How do you get by without using roads?
Posted on 4/12/24 at 2:39 pm to TigerintheNO
quote:
The average American pays $524,625
Take out the people that don't pay anything and I bet we all pay over a $3 million in our lifetime.
This post was edited on 4/12/24 at 2:41 pm
Posted on 4/12/24 at 2:39 pm to Obtuse1
I get fricked every year because my wife and I both work and have to take the standard deduction. It’s a little better since moving to Texas but that will all get eaten up in property taxes when I buy a house. fricking 20k to 30k in property tax is fricking dumb.
Then you have sales tax on top of every thing. I bet it’s a lot when you factor in income tax’s, sales tax and property tax.
Then you have sales tax on top of every thing. I bet it’s a lot when you factor in income tax’s, sales tax and property tax.
This post was edited on 4/12/24 at 2:47 pm
Posted on 4/12/24 at 2:40 pm to TigerintheNO
Wait until the real bill comes in. We're 34 trillion in debt with trillions more in future promises.
My guess is it won't be paid back in tax form but in inflation or a combination of both.
My guess is it won't be paid back in tax form but in inflation or a combination of both.
Posted on 4/12/24 at 2:40 pm to auwaterfowler
quote:
$103k paid in 2023 to feds. Mailed them the little I still owed for 2023 today, along with first qtr estimate for 2024.
It's free. Swipe yo' EBT
Posted on 4/12/24 at 2:46 pm to TigerintheNO
Land of the free I’ve been told since birth. Ohhh Ukraine needs another $100 billion to launder.
Posted on 4/12/24 at 2:48 pm to TigerintheNO
The American taxpayer needs to start a revolution. It's ridiculous who poorly ran govt is at all levels, and how much money is simply wasted.
Posted on 4/12/24 at 2:56 pm to olemc999
Oh, you sweet summer child. Where do you think the governments got the money to build roads before income tax? This isn't a thread about income tax specifically but taxes in general. Meme University is cheap but you get what you pay for.
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