Monday is Tax Day. Unless you’ve gotten an extension, that’s the deadline to either cut a check to Uncle Sam or file to be repaid some of what you loaned him last year.
However, income taxes are just one of many taxes we pay. You know about many of them – Social Security taxes, sales taxes, property taxes and others. But there are many other taxes we pay that are hidden – baked into our daily routines and transactions without our knowledge.
This is why this week’s episode of my “Newt’s World” podcast is titled “Hidden Taxes in Everyday Things.”
Americans for Tax Reform President Grover Norquist and Job Creators Network Foundation President Elaine Parker join me to unveil some of the most obscure taxes that we pay without even realizing it.
Virtually every action we take is taxed – from using our cell phones and driving our cars, to drinking a beer and buying a plane ticket. You will be amazed at how many taxes are collected on a single hamburger.
We also discuss a few outrageous taxes and why they were created. For example, we explain how and why sliced bagels typically cost at least 8 cents more than uncut bagels in New York City.
This episode also touches on a surprising number of hidden taxes that were put in place by politicians to change our behavior, such as the “sin taxes” we pay for buying alcohol and tobacco products. We look at how these taxes were written into law – and whether they do what they were intended or just become new revenue streams for government.
So, whether you are signing a check to the U.S. Treasury – or if you are awaiting one – I hope you will listen to “Hidden Taxes in Everyday Things.”
I found our conversation eye-opening. I hope you will, too.