ST. CROIX INSIGHTS
The Money Tree in our Back Yard has Lost its Leaves. Another Tax Season has Passed – Yet Another Lies Ahead
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
When it comes to planning your retirement and the rest of your life, one of the biggest expenses we’ll all contend with in our retirement years is taxes – hands down. Now, I’m not going down the path to say that we shouldn’t pay any taxes. Sure in Utopia, that may work, but not here in the United States.
When I review both my own tax return and my clients’ tax returns and I see how much they pay each year, I’m just astonished at the dollar amounts we pay in taxes. $30,000, $60,000, $100,000, or even more each year. I usually just ask them one question – do you believe you’re receiving the full value from your Government to the extent that you’ve paid in taxes? The typical responses are not surprising – a chuckle, followed by a stern NO.
I fully understand that we have infrastructure that needs to be maintained, we need to educate our children, protect our citizens, and we truly have fellow Americans that need our help. For that reason, I have no problem helping, and I’m happy paying my fair share.
“I know and can prove that if you pay attention to your money, you actually have more money than you think. ”
When is Enough Enough?
My question is – when is enough enough? When is it time to start holding our elected officials accountable to evaluate the who, what, where, and why of Government spending? As a business owner, I have to be accountable. Shareholders/investors expect companies they invest in to evaluate their spending every day. And let me tell you, if I don’t make my clients money, I hear about it. So why is it we don’t have these expectations from our Government? Why can’t we expect our Government to have the same accountability that we do? Investors expect a rate of return on their money, so shouldn’t we start expecting a rate of return from our Government?
It just seems that we’ve reached the point in our society where this make believe government (because we’ve forgotten you and I are the government) has an unlimited checkbook, prints all kinds of money (we have $20 Trillion in our National Debt) and apparently has no impact on you and I. But the truth is, one day it will. And as your Financial Planner, I’m here to tell you it will. I hope what happened in Greece stays in Greece.
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