What do Barrack Obama and Spiderman have in common? Swinging from building to building in pursuit of super criminals? Leathery webs from the wrist? It's not anything super-human it turns out. I was listening to NPR tonight on my 40 mile commute to my home. The Day-to-Day program reported that our President-Elect is an avid collector of Spiderman and Conan the Barbarian comic books. Should we gain any insight from this about the man that is about to become the leader of our country? It doesn't say anything to me other than he likes comic books. It does make me think about taxes. Surprised that a tax accountant thinks about taxes or are you puzzled about what connects Obama, Spiderman and taxes?
The connection is much more simple than you think. It doesn't matter who you are; when a presidential election comes around we all wonder about what the future brings for our country but more importantly how it affects us personally. I've fielded many calls from clients in a state of panic about a sound bite they heard on the evening news where Obama or McCain spoke of a new direction for taxation of the middle class or "re-distribution of wealth". "What will Obama's plan do to my taxes?" they exclaim "What can I do now?" they cry. Here is my short answer: nothing & nothing. Surprised? Allow me to explain. I have 25 years experience as a CPA. In that vast expanse of time, I have yet to see any real, meaningful tax reform. Sure, we hear from our elected officials from time to time and always in times of crisis with promises about "moving the country forward" and bringing relief to the American family; but we really only get words and promises that lack substance and sincerity. In short, our elected officials tell us what we want to hear (can you blame them? The job is pretty "cushy"; they like the paycheck and the best health insurance in the world). After we hear what we want to hear, we go back the daily grind we call life and work to pay our taxes. The fact is that the President has very little power to change anything in this country. Congress is mostly responsible for what happens in this country not the President.
Let's not sleep comfortably tonight under the blanket of trust that Congress has their hands on the wheel while we slumber; because they don't. If the President doesn't direct the country and Congress doesn't steer, then who does? Answer: Special Interest Groups. Don't worry or lose any sleep now that you know this. You've been living like this for this long so why change.
Here is an undeniable truth: Under the US Tax Code, the rich get richer, the middle-class pay taxes and the poor get entitlements.
That's the way it works, sorry. So what does all this mean Father Tom? It's simple. The tax code is not like to change any time soon. The President elect will be busy building a cabinet, sharpening the pencils in his desk caddy and asking directions to the restroom and the water cooler. Making any drastic changes to the tax code will be low on his priority list. Even if he wanted change the way we are taxed, he needs the consent of Congress. Congress is unlikely to do anything unpopular like raising taxes (as a depression approaches) as that sort of thing tends to hurt re-election prospects. Don't despair; all is not lost. If you want to be proactive about your taxes and learn about the many opportunities you can exploit in the code, visit me at: www.jthicksandcompany.com
The connection is much more simple than you think. It doesn't matter who you are; when a presidential election comes around we all wonder about what the future brings for our country but more importantly how it affects us personally. I've fielded many calls from clients in a state of panic about a sound bite they heard on the evening news where Obama or McCain spoke of a new direction for taxation of the middle class or "re-distribution of wealth". "What will Obama's plan do to my taxes?" they exclaim "What can I do now?" they cry. Here is my short answer: nothing & nothing. Surprised? Allow me to explain. I have 25 years experience as a CPA. In that vast expanse of time, I have yet to see any real, meaningful tax reform. Sure, we hear from our elected officials from time to time and always in times of crisis with promises about "moving the country forward" and bringing relief to the American family; but we really only get words and promises that lack substance and sincerity. In short, our elected officials tell us what we want to hear (can you blame them? The job is pretty "cushy"; they like the paycheck and the best health insurance in the world). After we hear what we want to hear, we go back the daily grind we call life and work to pay our taxes. The fact is that the President has very little power to change anything in this country. Congress is mostly responsible for what happens in this country not the President.
Let's not sleep comfortably tonight under the blanket of trust that Congress has their hands on the wheel while we slumber; because they don't. If the President doesn't direct the country and Congress doesn't steer, then who does? Answer: Special Interest Groups. Don't worry or lose any sleep now that you know this. You've been living like this for this long so why change.
Here is an undeniable truth: Under the US Tax Code, the rich get richer, the middle-class pay taxes and the poor get entitlements.
That's the way it works, sorry. So what does all this mean Father Tom? It's simple. The tax code is not like to change any time soon. The President elect will be busy building a cabinet, sharpening the pencils in his desk caddy and asking directions to the restroom and the water cooler. Making any drastic changes to the tax code will be low on his priority list. Even if he wanted change the way we are taxed, he needs the consent of Congress. Congress is unlikely to do anything unpopular like raising taxes (as a depression approaches) as that sort of thing tends to hurt re-election prospects. Don't despair; all is not lost. If you want to be proactive about your taxes and learn about the many opportunities you can exploit in the code, visit me at: www.jthicksandcompany.com
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