Tax Planning is Essential to those earning over $250,000
The government has openly declared war on the income everyone earning over $250,000. Those who do what it takes to succeed have now become a cow to be milked by the government.
President Obama proudly declared no new taxes on anyone earning under $250,000. Since his election, the federal government has been on an unprecedented spending spree. The named payee for this spending, those earning over $250,000. Additionally, people who own stocks will see dividends taxes quadruple January 1st, 2011. Capital gains will increase from 15% to 20% as well. This will not be the end of the tax and spend policy of big government.
President Obama proudly declared no new taxes on anyone earning under $250,000. Since his election, the federal government has been on an unprecedented spending spree. The named payee for this spending, those earning over $250,000. Additionally, people who own stocks will see dividends taxes quadruple January 1st, 2011. Capital gains will increase from 15% to 20% as well. This will not be the end of the tax and spend policy of big government.The Tax Target... Your Paycheck
The Tax Policy Center has determined that 47% of Americans pay no income tax at all or have a negative tax liability. That negative tax liability means someone is the direct tax beneficiary of a person actually paying taxes and receives a refund check bigger than the amount of taxes paid. Yet the tirade on fat cats plays out daily in political and media arenas. Normal folks now seem to think the playing field needs leveling. The un-glamored facts are that 47% of Americans are now parasites on the system. What has America become when almost half the country passively allows fellow citizens to pay their "fair share." Where is American heading when a good part of its citizens believes their personal needs create a claim on the work of others? What is American's direction when hard-working producers are reduced to the unpaid serfs of those who merely consume their production?
It is time to engage some serious tax reduction strategies.
The Internal Revenue Tax Code is a mess and is badly in need of an overhaul. It does not raise close to enough revenue to pay for current governmental expenditures and is needlessly complex, unfair, and inefficient. In spite of this, only a tiny minority will manage to avoid or reduce federal income taxes via tax planning. Consider these important facts.
- In 2009, the top 1 percent shouldered the burden for roughly 23 percent of all federal taxes.
- In 2009, the top 10 percent of American earners paid for 52 percent of all federal taxes
Don't you pay enough in taxes? Allow me to answer for you -Yes in fact you do. According to one Washington think tank, the average American spends more paying taxes than buying food, tobacco, clothing, and housing combined. It has become oppressive and only you can stop it. There is no reason morally or legally, to pay a penny more than the law requires. It is quite common even with excellent accountants to overpay. Opus Tax offers a no charge evaulation to see if you are paying more than the law requires.