16 Apr How much taxes will you pay over your lifetime?

Bemjamin Franklin wrote; in life,” nothing can be said to be certain, except death and taxes.”

Whether we like it or not taxes are an essential part of the American economy. There was a study recently completed that analyzed how much tax the average person is estimated to pay (in a lifetime) analyzing average incomes and expenditures across a number of categories.

The average American will pay $524,625 in taxes throughout their life. That’s a third (34.7%) of all estimated lifetime earnings ($1,494,986) spent on taxes. That is a lot of taxes.

Here is a breakdown of the totals:

Earnings tax:                        $270,414

Home owners’ tax:             $165,402

Other taxes:                         $88,719

Other taxes include taxes on cars, food, clothing, personal care, and entertainment. There can be many additional taxes paid throughout an individual’s lifetime, but are not included in this study.

With this information in mind, it is important to surround yourself with a team of professionals that can help reduce the tax output throughout your life. Stephen & Associates is the perfect place to start. Click here to start the process of saving and creating more wealth while reducing taxes!