Types of Taxes

What do you think about when you hear the word taxes?  You might feel scared, angry, frustrated, or just tired of them going up, up, and up.  While nobody wants to pay more than their fair share, taxes pay for important services that we rely upon.  Taxes pay for keeping our cities and towns safe, putting out fires, paving our roads, taking care of our aging parents, educating our children, and defending our country.  Think about where we would be without taxes.

However, there are so many different types of taxes that it seems there is a tax on everything and everyone.  There is a tax on goods that are imported, taxes when companies make a profit, taxes on property, taxes on income, taxes on using a telephone, taxes on cigarettes, and even taxes when we die. We’re going to focus on the main categories that we as individuals may pay:  income, employment, property, sales & excise, and estate taxes.

Next up:  Income Taxes