The Lithuanian Free Market Institute has launched a new tax calculator named “Mocu Mokescius” (“I Pay the Taxes”), that familiarizes Lithuanian taxpayers with the amount they truly pay in taxes and to see clearly how the government spends their money. In countries like Lithuania it can be difficult to tell how much of a paycheck goes to taxes, since employers pay the taxes on salaries before they are distributed, and goods bought in stores already have the value-added tax (VAT) calculated into the final price. “I Pay the Taxes” displays a personalized bill based on an individual’s income and purchasing choice- showing clearly how much of that tax bill goes to state pensions, healthcare, education, police, etc. As an example, a person earning the minimum monthly wage pays a total of 5600 litas ($2,180 approx.) in taxes each year: 3178 litas ($1,240) to pensions, 1080 litas ($420) to healthcare, 774 litas ($300) to income taxes, and 24 ($9.40) litas in contributions to the Guarantee Fund. Read more about the project and try the calculator for yourself at LFMI’s website.
LITHUANIAN FREE MARKET INSTITUTE LAUNCHES TAX CALCULATOR
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