Tax Myths

Tax Myths: Taxes have been with us forever. There is little you can do to lower your tax burden.

Reality: You make a dollar and it’s taxed. It’s taxed at the federal, state, and local levels. You pay into the Federal Insurance Contributions Act (FICA); you pay into Medicare. When you do have a couple bucks left, you get to go home and pay taxes for the privilege of living in your house . . . (if you’re lucky enough to own a home). When you pay your cable, gas, electric, and telephone bill, there are more state taxes to pay. There are more taxes every time you turn around.

When you finally get to keep a couple dollars that you have the ability to make a decision on (spend or save), those dollars are taxed again. Go out to dinner, you pay a tax. Buy groceries, you pay a tax. Buy clothes for the kids, you pay a tax. It’s amazing how many taxes we pay, and why there’s not a tea party every weekend in Boston. It’s crazy. The 16th amendment of the United States allowed taxation and became the first step in a long journey of dependency.

If you could find a way to reduce or eliminate some of your taxes legally, what would stop you from wanting to know how?  We are not talking about cheating on your taxes. There are legitimate ways to plan.  It’s in the book.

Believe it or not…our nation operated without any income taxes for over a century. The following summary of historical tax information is pulled directly from the U.S. Treasury web site. Send it to a friend. . . . Here is the web address:

http://www.treas.gov/education/fact-sheets/taxes/ustax.shtml

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