I'm working on my taxes. It seems that every year, I get more and more frustrated when I consider just how much I pay in taxes at many different levels (income, sales, property, etc). It's probably a good thing that I don't really know how much of my income is spent in taxes alone.
In 2008 we saw the rise of the TEA Party - for Taxed Enough Already. I agree with their basic premise, but really haven't looked deeply into everything they stand for. But after today, I may be looking more closely. I added a $16 interest earning to my tax calculator, and my tax bill went UP by $7.00! Dangit! Almost half of the little sixteen dollars earned in interest is going to the government!
What's the point? Heck, I'd come out better closing my accounts and keeping my money in a sock under the mattress!!!!!
I've never used this forum to promote a political agenda. But let me encourage you to look at the FairTax initiative outlined on their website and here. Basically it calls for the elimination of ALL federal income taxes (direct income, capital gains, etc.) and replace it with a national sales tax. That means you take home ALL of your paycheck, put it in the bank and let it set. The you pay taxes on any goods or services you purchase. Taxes paid on certain household necessities would be returned to you, the taxpayer, thus making their purchases tax-exempt. You pay taxes based on your purchasing habits, nothing more.
Instead of a huge government determining how much it "needs" each year, and adjusting tax rates accordingly, the FairTax plan puts me and you in charge of how much we "give" the government.
Just a rant....I'm still peeved about losing $7, almost half of the interest earned on a little bank account. I guess I'm one of those "dirty rich" folks who have can "afford" to "pay some back" to society.
No comments:
Post a Comment