Well,
it is that time of year again and as has unfortunately become an annual
tradition we have filed an extension on our taxes. I was really hoping to get
them done on time this year and had even lined up a new accountant but, with
everything that has transpired over the last few months, it just wasn’t going
to happen before the deadline. While I have much of the material and receipts
set aside for this endeavor, I still need to print out a swath of statements
and organize the mountain into the different deduction categories. It is
definitely an undertaking that I am still not looking forward to.
The real
issue that I am finding now is in the upcoming schedule that doesn’t seem to
have too many free moments available to get the work done. Well, at least the
next couple of months as the summer should provide enough time to pull everything
together. This is a real issue, on the one hand I don’t want to spend the hours
preparing the paperwork while on the other I really don’t want to give the
government more money than I have to give them. After all, we are the ones that
had to work for the money.
However,
this rather large dilemma is actually proving to be a good thing as it is
forcing me to take the tax proposals on the table by the various presidential
candidates into more serious consideration. Essentially, this eliminates those
whom I have already seen as a detriment namely both Democrat candidates. Basically,
I have to look at what kind of financial position I will find myself in should
Trump, Cruz, or Kasich take office. Well, at least what is being proposed… I
won’t fully believe any of the ‘plans’ until they are implemented. And, let’s be
honest, Kasich is done so I am going to focus on Trump and Cruz.
Simply
put, you can go with an overhauled 10% flat tax as proposed by Cruz or a simplified
graduated tax rate starting with those earning more than $25,000 ($50,000 for
married couple filing jointly). For one, a flat tax is something that is manageable
across the board and eliminates much of the overhead associated with the tax
system (i.e. it would cut government spending) while a revised system would
reduce the tax revenue while doing nothing to reduce the burden of associated overhead.
Contrary to what many would want you to believe, the flat tax is sustainable
and a sensible approach. Plus, I really don’t have a lot of confidence in
someone proposing a tax structure when they themselves have spent years paying
as little as possible while declaring bankruptcy many times over.
So,
in the end, my support of Senator Cruz has been reaffirmed. It has been a long
road getting here (he is the third candidate that I have decided to back) but
we are now at the point when he is the one candidate that makes sense to me.
Additionally, I like his decision to name a running mate in Carly Fiorina who
brings a more moderate voice to the ticket as well as a long track record of
executive business experience. Now all we can do is wait and see how the
remaining primaries play out and what kind of contest we have during the
national convention. It will certainly be interesting.
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