I’ve been thinking a lot about taxes recently. It could be that I’ve spent time with CPA’s lately, or that it’s year end and every business owner I know is trying to reallocate spending to reduce their tax burden, or maybe it’s this really neat solar energy opportunity I’ve run across that is saving people thousands on this coming year’s taxes. Nope, it’s none of those. It’s because the federal argument committee, otherwise known as Congress, has been in the headlines again as they “move towards a standoff” on the payroll tax issue.
I thought “I wonder how high taxes will go?” With national debt at an all-time high and setting new record markets daily, and a government that can’t figure out how to budget and control spending, I’m concerned it’s going to be bad. The question is “How bad?”
Back in 1913, the top marginal tax rate was 7%. I wish that were even a possibility, but our country is so out of control that that will never happen. That’s as low as it has been. Just for reference, in the mid 40’s the top marginal tax bracket was 94%. No that’s not a typo. 94%. Go ahead, look it up! It should be noted that the way the rules were written, it was effectively limited to 90% of total “Net Income”. But still, do you really want to give 90% of your dollar away?
I believe that the current tax situation has a lot to do with the baby boomer generation and their retirement, but I’ll save that rant for another day…
The real question is… What are you doing to protect your money from these kinds of taxes?
I thought “I wonder how high taxes will go?” With national debt at an all-time high and setting new record markets daily, and a government that can’t figure out how to budget and control spending, I’m concerned it’s going to be bad. The question is “How bad?”
Back in 1913, the top marginal tax rate was 7%. I wish that were even a possibility, but our country is so out of control that that will never happen. That’s as low as it has been. Just for reference, in the mid 40’s the top marginal tax bracket was 94%. No that’s not a typo. 94%. Go ahead, look it up! It should be noted that the way the rules were written, it was effectively limited to 90% of total “Net Income”. But still, do you really want to give 90% of your dollar away?
I believe that the current tax situation has a lot to do with the baby boomer generation and their retirement, but I’ll save that rant for another day…
The real question is… What are you doing to protect your money from these kinds of taxes?
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