Thursday, May 13, 2021

Death and Taxes

I'm not dead yet, not by a long-shot, so this morning I sat down to do my taxes.  I generally wait until the last minute, and with the deadline being Monday, May 17th, this is early for me.  I procrastinate because I know I owe them money.  No refund for PawPaw.  Bell and I are comfortable, but looking at my tax return I am appalled at how much money I am hit for each year. I am fully retired, and Belle is semi-retired, and our tax burden is north of $15K,,  I am also appalled at what the past administrations have done with my money.  Make no mistake, biden is spending like a drunken sailor, but Trump wasn't much better..

To my mind, the greatest disservice the United States ever played on the population was withholding for income taxes.  You miss a little bit out of each check, but many people use it like an old Christmas Club account.  They expect money back at the end of the year that they can use for luxuries or projects.  If every American taxpayer had to sit down each quarter, do his taxes and send the government a check, the outrage would be immediate and deafening.  It would put every American in the mindset of what Government Money really looks like.

My taxes are done, and filed.  I'll write then a check on Monday, because I understand a concept known as "present value".


BobF said...

I have almost given up in the other direction. I keep paring down my deductions to loan Uncle less and less during the year but still see a refund. Then when I get the thing almost there something changes and I owe more than expected. This year is the closest to equilibrium it has ever been, so SOMEthing is going to screw it all up.

Feel your pain with the check, but you're right -- I believe most people who don't actually cut a big check really don't know what they are paying.

Old NFO said...

Concur with all...Grrrr...

BobF said...

I just realized that when I ask someone how much they pay in taxes they usually respond with, "Oh, I got back ___."

They don't even think in terms of paid out for the year. Others answer with how much they owe at year's end, STILL not understanding that they have been paying every month.

They vote, they drive, they raise children.

OK, I'll go sit in the corner now. You pushed a hair-trigger button, Pawpaw. Good thought, however, is no state income tax here. :-)