Most people don’t realize this, but taxes are their single largest expense. They will spend more on taxes than on anything else in their lifetimes, if they’re law-abiding that is. Plus, we have so little control over them, which makes it a double-whammy.
Sometimes, the largest expenses we ever have turn out to be the ones we pay incrementally, a little at a time, over a long lifespan of many years. When those expenses come out of pocket bit-by-bit, they may not seem so bad until you stop and think about the long term amounts.When they’re added up over a lifetime, the results can be shocking. Your lifetime tax bill is a perfect example of that.