For Your Own Good | Mercatus Center
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Two kinds of taxes not explicitly mentioned in Figure 11.6 are luxury taxes (for example, taxes on furs, jewelry, boats, and airplanes) and sin taxes (for example, taxes on alcohol, tobacco, oil, gasoline, and firearms). What impacts, secondary as well as immediate, do you think each kind of tax has?
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2016 is already off to a quick start and with April 15th getting closer, it’s that time of year again to think about your taxes. We’ve all seen the countless television ads but have you actually followed through and filed your taxes yet? How you decide to file depends on your personal situation and until you complete your filing, you won’t know for sure how much you might owe or receive as a refund. Though 2015 is over, it is the right time to consider some savvy approaches to possible deductions for next year.