Everyone knows taxes are a big part of life. But a new report shows just how big. A new study by Self Financial says Americans will pay $524,625 in taxes throughout their lifetime.
That’s around a third of all estimated lifetime earnings – or 34.7% of an estimated $1,494,986 on various state and federal taxes.
Taxes paid on wages is where most of it will come from, the study says, with the average American paying $270,414 in a lifetime of income tax.
Property taxes will take off an additional $165,492 – on top of the purchase price and cost of upkeep.
How Much Tax Will Residents of Washington, D.C., Maryland, and Virginia Pay Over Their Lifetime?
Washington, D.C. ranks second on the list with the average resident paying $884,820 in lifetime total taxes.
Maryland ranks tenth on the list with the average resident paying $655,454 in total lifetime taxes.
Virginia ranks 14 with the average resident paying $581,874 in total lifetime taxes.
Click here to read the rest of the article written by Sam Kosmas over at Fox 5 DÇ
