Most people grumble about the taxes they pay. Whether it’s on income, property, sales, or some other form of tax, we pay a lot – seemingly more every day.
But how much do we spend over the course of our working lives? A new study from Self crunched the numbers and came up with some eye-popping results:
The average American will pay $525,037 in taxes throughout their lifetime
That’s an average of 34.3% of all lifetime earnings spent on taxes
Residents of New Jersey will pay the most in lifetime taxes ($931,000) and people in West Virginia will pay the least ($321,000)
Tax on earnings is where most tax will come from, with the average American paying $339,173 in a lifetime
Owning a car will cost an additional $29,521 in tax payments alone
Tax on property will set you back an additional $128,581 above the property price and maintenance
Tax payers in California will pay the most on everyday expenses ($40,084), followed by New Yorkers ($39,745)
So roughly a third of what you earn will be taxed (nearly 50 percent in New Jersey) over the course of a lifetime.
And in the eyes of some politicians, you’re still not taxed enough.