Hidden Income Tax Costs

There is a hidden personal tax cost the government never mentions. The media hardly ever brings it up, even at tax payment time.

We shall leave the question of how much business taxes cost individuals who are not in business, but instead look at direct hits to everyone’s pocketbook.

Some facts: Personal tax has additional expense composed of two parts: One is the effort that goes into the preparation, even when done by an outside preparer.

And the second is the actual cost of preparations. Time is important because it is spent with enormous aggravation. Then, estimates of out of pocket costs are at least 30% that of the actual payments made by average individuals.

That approximate 30% tax increase is on everyone, small incomers, middle classes and not just the favorite liberal scapegoat “rich.” (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole tweets.)