Few realize the amount of hidden taxes we pay on everything we buy. Seventy two years ago, Life magazine carried this item:
“On April 2, scores of students from Rensselaer Polytechnic Institute swooped down on banks and stores in Troy, N.Y., demanded that bills from $5 to $100 be changed for pennies. By April 4, tellers and storekeepers became suspicious, but it was too late. The students had cornered the penny market, having collected 250,000 coppers. Sales had to be made in round sums or not at all. Next day, same students re-invaded Troy, gave merchants 75¢ and 25 pennies for every $1 purchase, announced they were ‘TaxCENTinels.’ Their aim is to make U.S. citizens tax-conscious by showing that hidden taxes amount to 25% of merchandise prices.”
– Life, April 18, 1938
Of course, that was 72 years ago, before income taxes, sales taxes, and other taxes took much of a bit out of Americans paychecks and pocketbooks.
How big a bit do taxes take out of YOUR paycheck. For a typical median income family, direct and indirect taxes amount to 90.4% of everything they buy. A typical American family FINALLY gets through working for the tax collector – on Thanksgiving.
Now, that’s a reason to celebrate.