Repeal of section 1031 like-kind exchanges would hurt small businesses, investment & economic growth https://t.co/UsuNj6VkhC
How the Government Stole Christmas
The holidays are a season for giving and spending time with loved ones. However, this year taxpayers will be adding Uncle Sam to their Christmas list. Of an identified $10.72 billion of holiday spending, 43.36 percent of the price Americans pay to celebrate Christmas is due to government taxes, fees and other costs.
This season, not even Christmas trees are safe from the government Grinch. The Obama Administration has applied a 15 cent tax on each Christmas tree sold, meaning government now composes 31.19 percent of the price of an average 40 dollar Christmas tree. While implementation of the tax has been delayed, this is a particularly naughty idea to fuel increased government spending. For the $1.15 billion in sales generated by the Christmas tree industry employing over 100,000 workers, the Christmas tax is another measure threatening Americans jobs—so much for yuletide cheer.
If you are one of the 93 percent holiday revelers traveling this season, you will pay $69.65 in gas taxes for the average $152.47 round-trip trip—45.68 percent of the cost of the trip. Taking a rental is another convenient option, but 38.77 percent of your car’s rental cost is due to taxation, particularly from state and local governments.
Choose to fly to visit friends and family and 42.47 percent of your trip is made up of government costs. If you retreat from your in-laws to a hotel, remember that 39.39 percent of the cost of your stay is funneled back to the government. For Christmas 2011, the government will stuff its stocking with $3.79 billion in traveling taxes.
With Christmas parties, eggnog and relatives abound, holiday revelers enjoy an estimated $992 million in alcoholic beverages to celebrate the season. Savor the next your mug of eggnog, because 56.31 percent of the price is taxes. Government guzzles 44.33 percent of your seasonal beer and drives up the price of your glass of wine at Christmas dinner by 32.77 percent. Sipping a soft drink won’t let you escape frosty government fees—27.98 percent, or $61 million in taxes, is attached to the cost of soda.
When Santa comes down the chimney this year, he’ll have to save room in his sack for Uncle Sam’s gifts. Government gets $21 billion of a cumulative $69.1 billion spent on presents, consuming nearly a third of Christmas gift-giving. All told, the government collects $25.9 billion in new revenues over the holiday season. Bah humbug, indeed.
TAGS: Excise Taxes