 Calling All Taxes
Disposable income just isn’t what it used to be. Americans would be shocked if
they were able to magically account for all of the taxes they pay AFTER
they are taxed on their income. One of higher taxes you probably didn’t
know you were paying is what’s buried on your cell phone bill.
An interactive chart found on CNN’s Money site (click
here for
a state-by-state viewing) shows the percentage and variance nationwide.
In Pennsylvania, our 20% cell phone tax is nearly triple the 7.7% paid
in Oregon, but still less than the 24.5% incurred by our friends in
Nebraska.
About 10 years ago while performing an audit on an elderly family member, I was
appalled to find that he (unknowingly) was still paying quarterly rent
on his landline phone. His cost to rent the $10 phone amounted to $1600
over that period. How does this happen? Be honest – when was the last
time you looked at ANY utility bill and questioned the taxes, researched
them for a better understanding and thought, “Where is all my (after
tax) money going from these additional taxes I’m paying?”
They say “Talk is cheap”. Really now?
Mark Schuster, Partner
July 16, 2013
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