Ran some numbers on my transactions in one of my bank accounts for a September snapshot. No this isn’t the full balances, just the transactions in this account for the month.
Here is the summary spit out by excel:
Deposits: $2080
Withdrawals: $2125.97
Average Deposit: $297.14
Average Withdrawal: $31.73
Total Transactions: 74
Total tax at 1% per transaction: $42.06
Average tax rate: 2%
Average tax per transaction: $0.57
Just some real numbers to throw around for analysis. If every month was the same that’s about $500 additional tax per year.
Deposits: $2080
Withdrawals: $2125.97
I see you’re in the same situation we are. More goes out than in.
You can also look at it this way:
Taxed once when you receive it.
Taxed twice when you spend it.
Taxed three times again if you get a loan (1) , spend it(2) and pay it back with interest (3).
Taxed again if you pay taxes: income, sales, property, excise, hidden taxes.
Taxed for 4th and 5th and 6th and 7th time (or more depending on turnover) to the manufacturer and distributor when the receive or payout.
So you may easily pay 7 to 10% more (again depending on turnover).
Do you think the rate will stay the same?
I hope that this will never see the light of day, but you can’t trust a socialist, err Democrat to do the right thing.
Vote em all out of office.