US tax burden is increasing

US tax burden is increasing

The filing of the taxes almost looks like a rocket science to the American people. The tax continues to eat major portion your salary pie. The internal revenue service is literally sucking the money from the middle class of the United States. As the tax day is coming closer, all taxpayers are counting their fortunes in the bank accounts. The complicated tax code in the America is another reason why people are so lazy to pay their taxes.

The inflation adjustments are also not going to reduce your tax burden this year. The government, as usual will collect record amount of money this year. The data from the official management and budget office reveal this picture. The Federal taxes will contribute to 17.7 percent of the American GDP this financial year.

Such large contribution of the federal taxes to the GDP is not new and its traditional phenomena since world war II, when the contribution was 17.2 percent along with one of the highest in the 2009, which was 17.9 percent.

Such high contribution of the taxes to the economic output has been helpful for the development of our country and the welfare of the people. The distinction between the taxes paid by individual and corporation doesn’t matter as at the end all taxes are paid by the some individual or the other. On behalf of the company, its shareholders, officials, consumers pay the taxes. The corporations indirectly collect tax from its consumers that means even corporate tax is being paid by the people. Therefore the average Americans spends most of his or her income in taxes by paying the government or the corporation.


 

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