You Have No Idea How Much Your Boss Pays in Payroll Taxes
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America is suffocating under an amazing tax burden, but most Americans STILL underestimate how much their tax bill really is.  That’s because Washington has done a fantastic job of forcing employers to hide most of the taxes you pay.  If people had to see and deal with their total liability, the Democratic Party would be swept into the dust bin of history.

taxes

Here are some frightening facts from Rasmussen:

  • Only 54% of Americans are aware that employers pay payroll taxes on their behalf
  • Of those who do understand this, on 18% grossly underestimate the dollar amount of the taxes their bosses pay on their behalf
  • Only 10% of Americans have a basic understanding of the tax burden placed on their employer on their behalf

I heard a caller to Rush Limbaugh a few weeks ago.  He was a painting contractor who’d been in business for 20 years.  He is shutting down his company. The combination of a horrible economy and the burdens of even more taxes on business, the added regulation under Obama’s administration, the burden of an onerous Obamacare tax avalanche, have combined to make it almost impossible to run a small business—unless that business services the government.

  • Jonah

    Our family has owned a business for almost 40 years. I started paying the bills for the business about 6 years ago and I was alarmed to learn the cost to run a business.

    OUR SMALL BUSINESSES PAYS:
    FEDERAL INCOME TAX
    STATE INCOME TAX
    FEDERAL UNEMPLOYMENT TAX
    STATE UNEMPLOYMENT TAX
    7% SOCIAL SECURITY TAX FOR EMPLOYEES
    (this is in addition to the 7% the employee gives the government)
    REAL ESTATE TAX
    PERSONAL PROPERTY TAX
    UTILITY TAXES ON GAS, ELECTRIC, AND PHONE
    GASOLINE TAX
    SALES TAX TO THE STATE OF MISSOURI FOR EVERYTHING WE SELL
    APPROXIMATELY 7% SALES TAX ON EVERYTHING WE BUY

    PLUS WE PAY
    MEDICAL INSURANCE
    AUTO INSURANCE
    PROPERTY INSURANCE
    LIABILITY INSURANCE
    WORKMAN’S COMP
    VARIOUS LICENSES AND PERMITS
    I’m sure I’ve forgotten a few things.

    Why has all this financial burden been put on the backs of small businesses? Do you wonder why businesses hire undocumented workers and or just pick up and move out of the country? And now obamacare will tax us more?

  • Jesse

    I understand – Our business is in the construction/handyman area and we are busy enough to start thinking about hiring – but because of the tax burden and the unknown future regarding this we are not going to expand beyond family. It is tough, knowing people who need the work – but we can’t afford to hire them.

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