by Ryan McMaken
Every year around tax time, we’re reminded of the pain of the income tax. We’re reminded not just of the wealth that is taken, but also of all the time and energy that must be expended helping the federal government estimate just how much they should take from us this year.
The income tax is just one part of the equation, though. Payroll taxes, corporate taxes, excise taxes, and tariffs are all federal taxes that all of us pay, whether or not one pays what is called the “income tax.”
One need not be the owner of a corporation to pay corporate taxes. When a business pays out taxes, the customers and employees also pay in terms of lower wages and more expensive goods. One need not be an importer to pay tariffs, which end up costing consumers more in terms of more expensive goods and fewer goods available to them. And one need not be a driver of automobiles in order to pay the federal excise tax on gasoline. Every good and service that relies on gasoline for transport costs us more thanks to that tax.