Spent the day with our accountant today. I have to write a check to the IRS big enough to park a new brand Corvette in my driveway or 30 new amps. Now a couple thoughts about this.
The government itself says 47% of all Americans do not pay any federal tax after their income is adjusted. No way I know for sure if this is true but I can tell you our tax system is fucked up.
I am retired. I do not draw Social Security yet and I have delayed my pension until I turn 63 because of taxes. All my income comes from investments I made over the years and my orchard. I have to pay Capital Gains on any income at a rate of 15% from money I made on investments (stocks). The problem I have is I already paid taxes on this money when I earned it. The government tells me I can only keep 85% of it, thus taxing the money twice.
But then there is my Cherry Orchard I bought back in 1991 which had a good crop this year. Since it is just my wife and I and we don't have many deductions such as mortgage or dependents I get fucked up the ass pretty good. The amount of tax that I had to pay off income from the orchard works out to be 37%. So the IRS wants 37% of all my income which leaves me questioning if producing these cherries is such a good idea. Maybe selling the land and just investing that income would be much smarter. No worry about paperwork, employees, keeping receipts, and supporting the economy. I take all the risk, hire people to work, pay out the ass in state and local taxes and after paying all my bills for the business I get to keep only 63% of whats left over....fuck this.
I think if every American would have to physically go to a IRS office after every paycheck and sit there and write a personal check it would even change the mind of the most hardened tax and spend individual. When taxes are taken out of your check you really don't fuss much about it. But If you have to write that check yourself every week I think people would have a different take.
All this is compounded know how much waste there is in our spending. I am glad tonight that I have paid my fair share. I am glad that many families do not have to pay taxes this year because I picked up their share. I am glad that our government on both sides have not cut jack shit from the budget.... oh wait, congress has not even passed a budget in the passed three years.
I can't let it eat at me, but the check I wrote today is just way over "my fair share". So for those of you who will see all your money come back to you in a refund, I just wanted to say your welcome.
The government itself says 47% of all Americans do not pay any federal tax after their income is adjusted. No way I know for sure if this is true but I can tell you our tax system is fucked up.
I am retired. I do not draw Social Security yet and I have delayed my pension until I turn 63 because of taxes. All my income comes from investments I made over the years and my orchard. I have to pay Capital Gains on any income at a rate of 15% from money I made on investments (stocks). The problem I have is I already paid taxes on this money when I earned it. The government tells me I can only keep 85% of it, thus taxing the money twice.
But then there is my Cherry Orchard I bought back in 1991 which had a good crop this year. Since it is just my wife and I and we don't have many deductions such as mortgage or dependents I get fucked up the ass pretty good. The amount of tax that I had to pay off income from the orchard works out to be 37%. So the IRS wants 37% of all my income which leaves me questioning if producing these cherries is such a good idea. Maybe selling the land and just investing that income would be much smarter. No worry about paperwork, employees, keeping receipts, and supporting the economy. I take all the risk, hire people to work, pay out the ass in state and local taxes and after paying all my bills for the business I get to keep only 63% of whats left over....fuck this.
I think if every American would have to physically go to a IRS office after every paycheck and sit there and write a personal check it would even change the mind of the most hardened tax and spend individual. When taxes are taken out of your check you really don't fuss much about it. But If you have to write that check yourself every week I think people would have a different take.
All this is compounded know how much waste there is in our spending. I am glad tonight that I have paid my fair share. I am glad that many families do not have to pay taxes this year because I picked up their share. I am glad that our government on both sides have not cut jack shit from the budget.... oh wait, congress has not even passed a budget in the passed three years.
I can't let it eat at me, but the check I wrote today is just way over "my fair share". So for those of you who will see all your money come back to you in a refund, I just wanted to say your welcome.
