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You Have No Idea How Much Your Boss Pays in Payroll Taxes

Tuesday, August 14, 2012 6:11

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(Before It's News)

America is suffocating under an amazing tax burden, but most Americans STILL underestimate how much their tax bill really is. That’s because Washington has done a fantastic job of forcing employers to hide most of the taxes you pay. If people had to see and deal with their total liability, the Democratic Party would be swept into the dust bin of history.

Here are some frightening facts from Rasmussen:

Only 54% of Americans are aware that employers pay payroll taxes on their behalf
Of those who do understand this, on 18% grossly underestimate the dollar amount of the taxes their bosses pay on their behalf
Only 10% of Americans have a basic understanding of the tax burden placed on their employer on their behalf

I heard a caller to Rush Limbaugh a few weeks ago. He was a painting contractor who’d been in business for 20 years. He is shutting down his company. The combination of a horrible economy and the burdens of even more taxes on business, the added regulation under Obama’s administration, the burden of an onerous Obamacare tax avalanche, have combined to make it almost impossible to run a small business—unless that business services the government.