I always put off rounding up my income tax information to take to the CPA because we always have to pay. I avoid it as long as possible. I don't mind paying the government for their job of governing and the freedoms we enjoy in this country.
I don't like the idea of redistributing my wealth to bailout Wall Street and whatever else the government tacks on to it. My husband and I work hard for our money and I don't mind sharing with the poor and needy, but I don't enjoy paying for unnecessary spending and funding people who buy houses above their means and expect the government to bail them out. (or banks that were predators in lending)
We are very fortunate to have our house paid off. Our vehicles are paid in full. We do not have credit card debt. Two of our children are in college and that is paid in full. Our oldest daughter has graduated from private college and that is paid in full. We are very fortunate to be in this position.
When I think of the term "paid in full", I must tell you that I am reminded of our salvation which is paid in full. I also must admit that everything we have been given is from God.Deuteronomy 8:18 NIV
But remember the LORD your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your forefathers, as it is today.
So there you have it. A political and religious post all in one! What is the world coming to? It makes me wonder how far down the road to socialism is the United States? We may find our tax bracket increasing to 39.6% with the Obama administration this year. We already pay 5.7% state income tax in Oklahoma. We also pay 9.25% sales tax on most everything we buy, including groceries. Our gasoline is taxed at a rate I don't even know. We give at least 10% of our money to the church and a few charities. We also pay for all of our own health insurance and health care. We can't even deduct that 100%. We find ourselves in the middle where we make too much to get any breaks or tax credits and not enough to get any breaks or loopholes like the rich. Adding together federal and state and contributions we get about 44.7% left for ourselves. I hope that President Obama does not retroactively take back our tax cuts (?) from the last few years we supposedly received from the Bush administration. I read in Obama's programs listed before he was elected that he intended on asking Americans to give back those tax cuts. If he is asking, then I guess I will just say "no."
Does anyone understand why everyone paying the same percentage of their income on taxes wouldn't work? Just a flat rate for everyone?
I apologize for the soap box. I will now step off it.