Frustration over lack of input into where your tax money goes is as great, if not greater, than having to pay it the first place.
Mention the word taxes and you’ll get 2 similar negative reactions from almost everybody..
Most Americans would opine the federal income tax system is flawed. Its either the rich aren’t paying enough or the federal government unwisely spends what they get. Seems as much as feeling aggrieved in paying too much in taxes, Americans feel a powerlessness in how their tax money is redistributed by the federal government.
Now I’m talking about federal income tax. There are as many more types of taxes we, as hard working citizens, pay that have specific destinations for our money: Social Security, school, real estate, sales, state and local, the lion’s share of these have budgeted beneficiaries for our tax payments. We tend to resent these less, although many may be much more retrogressive than the federal income tax. We all seem to be in for a proper run school system for children (especially our own) or filling up potholes.
No, it seems most of the 54% of Americans who join me in forking over personal federal income tax resent the perceived profligacy of our federal legislators more than the unfairness of the bracket system.
Frustration over lack of input into where your tax money goes is as great, if not greater, as having to pay it in the first place.
Would you believe me when I say, “Ahhh but you can have control?” It’s not who you vote for; it’s how you earn your money and where you put it.
‘Congress shall have the power to lay and collect taxes.” Presidents can, and frequently do, recommend changes to current tax laws but only congress can make changes.”* The federal government, long ago gave certain industries and investments a boost by making them taxably advantageous for Americans in which to work and more importantly — invest. These industries are critical to the nation’s economy. A bit of research can give you a clearer picture of which ones.
By way of limited example; the nation needs the construction industry. In its infinite wisdom Congress provided for the ability to depreciate a structure (report it as being less valuable each year when paying your taxes and subtract that amount from your gross income) while the building actually increases in value. The intent , of course, is to provide housing, commercial space and offices for Americans to live in and work.
Owners of investment real estate benefit from the tax advantage of depreciation. Isn’t this the same as having control over where a portion of your tax dollars go? You, the taxpayer, are choosing to invest in real estate with, in part, money that would otherwise be kicked in the tax pool for Washington to decide how to spend.
There are thousands of businesses, investments and professions that can be taxably advantageous. All Americans have the choice. It should be reassuring to know that answers can be found. Take the time, do a little research. Learn how to gain the power to make your own working and investment decisions on the spending of your tax dollars.
Pay your taxes directly by investing. Help American industry and yourself — without the middleman.
* US Department Of The Treasury. Resourse Center