This has sparked debate as he claims it will ease workers’ tax burdens.

To understand its potential impact, the Dancing Numbers team analyzed how much the average American pays in taxes over a lifetime and how much they could save if income taxes were replaced by tariffs.

Their findings reveal that the lifetime tax savings for the average American could range from $134,809 (if only federal income tax is eliminated) to $325,561 (if all wage-based income taxes are removed).

 Key insights from the study:

• The average American pays $325,561 in lifetime income taxes, contributing to a total average tax burden of $497,804.
• Who Pays the Most? New Jersey residents face the highest lifetime tax burden at $755,493, followed by Connecticut ($686,655) and New York ($674,663) throughout their lifetime.
• If Trump’s tariff plan eliminates federal income taxes, residents could save $146,160 in New Jersey, $149,535 in Connecticut, and $136,215 in New York over their lifetime.
• States That Would Benefit Most: Residents of New Jersey, New York, Connecticut, Illinois, and Massachusetts could experience the most significant tax relief.

With lifetime tax burdens exceeding half a million dollars for many in the form of income, property, and sales taxes, Trump’s proposal could fundamentally shift the financial landscape for millions of Americans.

The complete study on Trump’s Tariff is available here 

Mr. Ayodele Subair, the executive chairman of LIRS, conveyed this in an official statement released by the agency.

Subair emphasized that employers of labour with businesses located within Lagos State must adhere to the deadline, as failure to comply will result in penalties and other statutory sanctions outlined in section 81(3) of the Personal Income Tax (Amendment) Act 2011.

Mr. Subair reiterated that the exclusive platform for filing annual income tax returns in Lagos State is the LIRS e-Tax portal, as manual filing is no longer permissible. He urged businesses and employers to leverage the e-Tax portal for filing, citing its user-friendly, convenient, and secure nature.

“The e-Tax portal is designed for the convenience of taxpayers, making tax transactions easily accessible from the comfort of homes and offices,” noted Subair.

He emphasized that the Taxpayer ID is a mandatory requirement for all employers to file their annual income tax returns on the e-Tax portal.

Employers within the State are advised to generate a taxpayer ID (where applicable) for their employees and to file their P.A.Y.E returns through the e-Tax portal.

To facilitate compliance and address any filing-related concerns, LIRS has designated staff at its various offices to assist taxpayers in utilizing the e-Tax portal. For additional information or inquiries, taxpayers are encouraged to visit the agency’s website, follow LIRS on social media platforms: @lirsgovng, reach out via email at etaxinfo@lirs.net, or contact the LIRS customer care: 0700CALL LIRS (0700-2255-5477).

Mr Ayodele Subair, the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), in a statement at the weekend, said the Agency, as part of its digitalization process, is discontinuing all previously used bill references effective from August 1st, 2022.

Consequently, according to the Chairman, only the Enterprise Tax Solutions (eTax), generated bill references will be acceptable for tax payments.  

The eTax platform, which went live in October 2019, was launched by LIRS to engender seamless tax operations and reduce compliance costs to taxpayers.

Since its launch, eTax has improved the effectiveness of tax administration in Lagos State.

Mr Subair added that the eTax was built as a one-stop shop for all tax transactions, and it is in the same spirit that the generation of bill references, required for all tax payments is now exclusive to the platform.

He reiterated that by the cutoff date of August 1st, 2022, the platform would become the only authorized channel to generate bill reference for tax payments and other tax-related transactions in Lagos State.

To generate a bill reference on e-Tax, taxpayers can use the 5 easy steps below:

1. Visit the platform here.

2. Input your Payer ID and password to log in

3. Select revenue type, and upload schedule (For PAYE & Withholding Taxes)

4. Generate a bill reference

5. Make a payment on any of the multiple channels available, using the generated bill reference.