With all the talk of raising taxes and the wealthy paying their “fair share,” have you thought about how much you pay in taxes?  It is not just income taxes but real estate taxes, sales taxes, gas taxes, hotel taxes, excise taxes, governmental fees, and license plate tabs.

How can you figure it out?  The American Institute of Certified Public Accountants (“AICPA”) has a new program called the Total Tax Insights™ Calculator.  The AICPA is the governing body of the US accounting industry.

According to the AICPA, “The Total Tax Insights calculator was developed by the AICPA as a public service to give taxpayers a clearer picture of the types and number of taxes they pay throughout the year and the estimated amounts of each. By linking federal tax rules with the country’s abundant and varied state and local tax conventions—including more than 20 of the most widely applied taxes—this first-of-a-kind online tool fosters greater public understanding of taxes and provides key insights to enhance one’s financial well-being.”

Wow do the taxes add up…..you’ll be surprised when you see the total.  At least knowing where we are at now, will give you a framework to gauge all the rhetoric over the coming weeks and months.