Addresses the public’s interest in taxes
|With ongoing discussions about various changes to federal and state tax systems, and our country’s unprecedented debt and governmental operating deficits, it’s easy to see why taxes are in the news and on the minds of people across the country. As taxpayers, we benefit from gaining insights into all the different types of taxes our governments levy—in fact, many of our decisions, from where we live to what we drive, can have a significant impact on the taxes we pay.
Fosters an improved public understanding of taxes
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.
Provides customized information based on place of residence
The Total Tax Insights calculator is the first tax calculator that estimates a person’s tax obligation based on place of residence across the country. It’s customized for each state, and for the District of Columbia and Puerto Rico.
Taxpayers access the calculator at totaltaxinsights.org and enter, at a minimum, the county and/or city where they live, marital status, number of dependents and the exact or estimated amount of their federal adjusted gross income. The calculator then delivers a comprehensive view of the number and variety of taxes they pay, as well as their estimated annual tax obligation.
Offers valuable insights and benefits
||The Total Tax Insights calculator delivers a number of insights and key benefits. These include:
- Greater understanding of the number and variety of taxes one pays and estimated amounts for each
- Increased awareness of the need for better financial planning
- Additional factors to consider when making significant life decisions such as changing jobs or assessing the tradeoffs of buying versus renting
In addition to the calculator, visitors to the website will find a number of resources, such as a glossary, an article and links to federal, state and local tax websites, to help them learn more about the taxes they are paying.
Leverages the AICPA’s tax policy thought leadership
The AICPA is a longtime advocate for sound tax policy and effective tax administration. We encourage a principled framework for analyzing tax law changes; one of the key principles is the notion of Transparency and Visibility – citizens should know that a tax exists and how and when it is imposed upon them and others.
The Total Tax Insights calculator is a major step toward achieving transparency and reinforces the AICPA’s reputation for thought leadership and commitment to financial literacy.
For more information about the AICPA’s tax policy and advocacy work, visit these web pages: