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FOR IMMEDIATE RELEASE
WHY DO WE PAY TAXESMY OWN PERCEPTIONToday's Date -- 06/10/00 Black Monday, October
----- 1929.
The 1929 depression
Americans
found themselves standing in long soup lines.
No longer in the comfort of their homes, now sleeping with their children
on the streets. There was no
social security, unemployment, and welfare. Nothing but the soup lines.
Something had to be done. Roosevelt
was elected president. He put into
action federal aid. Fattened up of
government, you might say. Follow
Roosevelt’s legacy, Johnson said in his acceptance speech THERE WILL BE NO
MORE POVERTY IN AMERICA. America
was will on there on the way in feeling secure.
The land of gold. Roosevelt developed jobs in the government. People to administrate the new package to element poverty in America. Aid package such as culture aid. The Federal Government went to homes of families that were in poverty and they were able to choose from an airplane flight to a play on Broadway, to give those less fortunate the ability to experience. Social Security was developed to give our elder assistance in retirement. Unemployment was developed to help those who were laid off. Welfare was developed for the families with children that were in poverty. Federal aid in building was administrated; Men of families that once lost their home and stood in soup lines were able to go back to work under Roosevelt's new development. So on and so forth, the federal government was getting fatter and fatter. Where
did this funding come from? Before
1929, taxation was low. As a matter
of fact if you remember there was no taxation 200 years ago. When England tried to start to tax the tea.
Our ancestors throw the tea into the sea.
Known as the Boston Tea Party. Nearly 150 years later, In order to
support Roosevelt’s/Johnson NO POVERTY IN AMERICA. Taxation rose, hurting the
middle class The middle class on paper but in reality lives in poverty.
Because they get the schooling, the skills and they buy homes and try to
save. They don’t qualify for aid.
In order for the middle class to own land they have to support those who
are unskilled, whose live goal is to work the system. But we won’t go there in this article. In
1980, the Americans were ready for a change, they elected Ronald Regan in whom
to in his election speeches that the government basically need to go on a diet
and trim down, Many of us
felt some of the cut backs. We were
on our way back to standing strong on your own two feet together as a nation.
Did we make it? Are we still going strong? Just
a thought to ponder. By
the time, the average age of the reader of this article reaches retirement,
there will be no social security.
As a tax prepare each year I tell my clients save for retirement, try to
at least defer 2,000.00 in taxable income and if you have the opportunity to
take advantage of a 401k use it to the max.
You will be saving approximately 750.00 in Federal and State tax. . Each year my clients look at me and nod.
I know ideally it is what they want to do.
But some how after the tax return is signed and they forget.
They may tend to think of some of the things I said when there gross pay
gets a little bit higher and there net pay gets lower. Only to be eaten up by
taxes. It is not the
middle class is lazy and doesn’t want to save, but they are constantly
struggling to stay ahead. Taxation
like I said earlier has left the middle class living in stressful poverty. Hey
what about the rich. You can
only avoid taxes in your poor or rich.
What a cliché. For
my clients that find themselves struggling to fight AMT.
Looking for the tax breaks, deferring income here and there. Signing
their tax return in somewhat type of pride, that in a way the screwed the
government. Not really thinking
that all they did was DEFER the taxes.
Yes they have been blessed with the ability to do this.
But that just the cover of the book.
Take a look when it is mandatory distribution, how does that effect their
taxes, with all the interest and dividends they still are in the today’s 28%
tax bracket or in some peoples blissfulness 39% federal tax bracket.
There is a lot of little what if issues here, vary from household to
household, but the bottom line is Where is the benefit?
Oh some snazzy attorney has convenienced them to set up a trust.
Some trust that skip a generation. They
pay thousands for this trust and they pay more just to keep it maintained.
But did the lawyer tell you about the 55% taxation on that trust plus the
regular taxation, leaving the trust after you die to be taxed at almost 80%.
(All again this varies per household depending on the NAV.)
It also varies on when you die.
The law and the taxes will probably change.
Nothing is set in stone, except you must pay your taxes.
Taxes to keep America out of poverty to better us, Strength our Arm
Forces. Blah Blah Blah,. Once
again this is just speaking in general these are my very own thoughts, my very
own perception that I am just writing about and sharing with you.
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