Tuesday, March 10, 2009

Income Tax

Here begins my little rant:
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.  
BUT...
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.

6 comments:

Jenni said...

Well, personally I think the solution is to get rid of income tax and property tax and just have a sales tax. That way people will be taxed for what they can afford to spend. Frugality would be rewarded and excess discouraged. I don't think that would stop people from spending money on things they don't need and I don't think it would force anyone out of business. It would discourage people from spending money on things they can't really afford and encourage them to think more about their purchases. My mom (who, ironically, likes to quote FOX News at me) says that adjustments would have to be made for the working poor who couldn't afford such a sales tax. I don't think I buy that. I think the adjustments would have to be more in people learning to budget and set reasonable priorities for how they spend money. That is something our government could stand to learn as well.

All that said, remember the verse that you have included in this post. There are others you could have included as well. The simple fact is that God is my sufficiency, not the government or the economic climate or anything else. I refuse to get all freaked out about the state of the economy or any admittedly unwise decisions our government is making. I stay informed, I vote, I do what I can, but my trust is in God's ability rather than man's. I think it really pisses my mom off that I refuse to get all upset over this, and that in itself makes me smile a little:o)

Jeanette said...

A flat tax rate would be the fair, and logical thing to do and our government is anything but.

Anonymous said...

Our taxes have been taken care of this year. Glad that's over. However, we have had some loss of a tad bit of our "wealth", J worked hard over 40 years to accumulate. We are not in the mood to help out those, you mentioned. Our homes are paid for (we didn't acquire them until we could afford them), our vehicles are paid for, we have no debt. However, our g'children's college money has dwindled in this economy. No, we aren't excited about redestributing our shrinking "wealth"!
We have faith, God has a plan.
As retired folks, with no income other than what we've saved,invested and SS, we are a tad worried about keeping the roof over our heads, though!

Walker said...

I'd love a flat tax, but talk about hard to sell!

Remember most people not only do NOT pay taxes they get free money back.

I had a 10 hour a week office helper who was on ADC for her three illegitimate kids... One April, she went into the hospital for her fourth, stayed at the hospital as if it were a hotel while her baby was being cared for after birth. Then, went out and bought a new car with her $10,000 "CHILD CARE CREDIT" check. All free from the government just because she is irresponsible.

I had to fire her. It was just to subversive to the office. The girl's boss, my office manager, worked full time, had no children to support, was desperately in need of a new car. But she couldn't afford it. Her welfare-check assistant got one free from the government.

Now that just pisses me off.

Pamela said...

I often wonder if the flat tax would work.

things are just toooo darn complicated.

Let's all go live in the woods in a tent.

I know, I know... it's illegal. sigh.

Egghead said...

I so agree with all you said. I have often thought a flat tax was the way to go.