Impact of Taxes

Impact of taxes
Biggest Expense we have

Lets face it we are surrounded by taxes. Taxes to the left of us (by left I mean more) and taxes to the right of us (by right I mean a little less?) and stuck in the middle with no end insight. You probably never stopped to think how many taxes there are? Well, thats right you could fill a well with all the taxes we have. 

Taxes on your back
  • Income Tax
  • Payroll Tax
  • Property Tax
  • Consumption Tax
  • Tariffs
  • Fees & Tolls
  • Effective Tax
  • Other Tax .  .  . You get the picture.
IRS Building - Oliver Wendell Holmes quote

“Taxes are what we pay for civilized society.” The famous quote by US Supreme Court Justice Oliver Wendell Holmes Jr. is inscribed above the entrance to the headquarters of the Internal Revenue Service. Most people don’t have a clue what he meant, or in what context the statement was made.

At the time when Justice Holmes wrote that statement, the average tax rate in the Land of the Free was 3.5%

All taxes adversely affect ability to save. Since rich people save more than the poor, progressive rate of taxation reduces savings potentiality. This means low level of investment.

The biggest difference between the wealthy and the middle class is the time the wealthy spend thinking of ways to minimize their taxes. Learn how taxes can make an enormous impact on your retirement savings, and how to minimize that impact.

The difference between the rich and poor is both work hard for their money but wealthy people make their money work for them. Find money in their budget to invest and do it on a regular basis and potentially tax free. Building financial assets rather than liabilities. 

There is one way to help offset your tax bill especially at the most critical time of your life and thats at retirement. You’re about to change how your income is generated and could be less than what you were bringing in while still working. You might say that my tax rate will come down — Do you know that for sure and if you do then tell me the next Super Bowl winner because you must have a crystal ball. With all the challenges we have today with deficits, social security uncertainty, walls (sorry), who knows what is next and let alone what our tax rates will be??? View this video for some thoughts. *Warning* – before engaging in this video be aware you may get a slight distaste in your mouth when you see the end results.

Impact of Taxes

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