Part 3/8:
Payroll Taxes: These fund Social Security and Medicare, impacting all employees.
Capital Gains Tax: Applied on profits from investments.
Corporate Tax: Paid by businesses on their profits.
Property Tax: Levied annually on real estate.
Estate Tax: A tax applied when wealth is passed down after death, applicable only to substantial estates.
Sales Tax: Charged on goods purchased.
Sin Tax: Imposed on products deemed harmful, like tobacco.
Tariffs: Taxes placed on imported goods, which are crucial in any discussion about replacing income tax.
Others: Additional localized taxes like toll or hotel taxes.