Forbes' 10 "Hidden" Taxes you Probably Pay, Part I

With the 2008 election season in full swing (really?!), you've probably heard quite a bit about tax plans—some want to raise taxes on certain groups; others seek to either flatten the tax system to a single bracket for everyone, or even change the entire system altogether (fair tax/national sales tax). However, there are certain taxes you take for granted everyday that you probably didn't realize you pay. A Forbes article describes the "everyday" taxes regular Americans hit all the time. Here are five of them.

1. Gas Tax – Those of you who drive and are tired of the high gas prices know that taxes are already "built in" to the price, but ever wonder how much? Try 18.4 cents per gallon. And this is only the federal tax built in. State taxes bump it even higher—on average, the combined federal, state, and local taxes levied on gas is about 45.8 cents on every gallon. Want to know more on how your gas dollars are spent? Click Here!

2. "Sweet" Tax – Not a purely tax outright, but usually it's built into products like sugary cereals.

3. Payroll Tax (Good old FICA). From the article:

Employers and employees split the cost of payroll taxes--the Social Security, Medicare and miscellaneous taxes you see listed as "FICA" on your paycheck. But many economists argue that you're paid less so that your employer can compensate for tax it pays just to keep you on the payroll. If you earn $97,500 or less, this could mean a 15.3% reduction in your take-home pay. (Half in the payroll tax you pay, half in your employer's share.) According to the Tax Policy Center, about two-thirds of all wage earners fork over more to Uncle Sam in payroll taxes (including the employer's share) than in income taxes.

4. Airline Tax – When you buy a ticket, the price "skyrockets." Again, from the website, we get the following "blurb."

Ever wonder why the price of an airline ticket jumps by $50 or so when taxes and fees are applied? Under current law, you pay a 7.5% ticket tax, a $3.40 segment tax (which increases by about a dime every year) for every leg of your trip, and an airport fee of up to $4.50 per ticket. Fly overseas and you can be charged as much as $30.20 for an international arrival and departure tax. All money goes to fund the Federal Aviation Administration. And these amounts don't even include various Homeland Security Department taxes, such as the $2.50 per ticket "Sept. 11" fee that goes to pay for airport security.

Yikes. Something to think about, especially if you fly on your own a lot.

5. Alternative Minimum Tax – Perhaps the most ridiculous tax of them all, I just call it the "envy tax." Back in the 60's this tax was written by our government to make sure that a couple hundred rich folks pay their "fair share" to the government (who of course, went on to frivolously spend and run deficits on the money). They didn't index it for inflation, and because of it regular people pay much higher taxes. How many people? Well, if nothing is done, about 50 million people will be hit by the AMT within the next 3 years. Astonishingly (but not really), Congress hasn't bothered to permanently alter it or even index it for inflation. Don't expect them to—the AMT brings in about $800 billion a year.

So, apparently there's no escape from them. Personally, I take a measured approach to taxes—some I don't mind, others are ridiculous. But just keep this in mind—for your awareness' sake.