Taxes
I did my federal (and state) taxes this weekend and came off better than last year. Perhaps because I was really socking away $ in my IRA last year? Or it could have been because of the 2004 deduction for state and local taxes? In anycase, I owe the feds $155 (and the state of Nebraska owes me $250). I would rather have owed Nebraska a bit for time value of money reasons, but it is fun to get $ back.
So speaking of tax breaks, how wise are they given the nation’s current deficit of over 400 billion dollars?
Well as the theory goes, the more tax breaks = more $ to spend = more $ back in the economy. Well I did put money back into the economy...the BRAZILIAN economy...after purchasing a new rice cooker made in sunny Brazil to replace my old burnt out one. Let’s tango!
The Comments
Mr. Wilson February 14, 2005 at 6:15pm
Tax breaks in light of the current deficit are not inherently unwise. Tax breaks + spending increases ... well, you do the math. Personally I would prefer tax breaks + spending decreases.
By the way, what’s the deal with having your taxes done so early? Procrastination: it’s the only way to file.
Mr. T February 14, 2005 at 6:41pm
Not inherently unwise when there is a deficit? Well, I would say that a tax break in itself is not inherently unwise, and may even be wise when the country is enjoying a surplus ala the Clinton years. But when there is such a large deficit, coupled with increased costs for defense and security post 911, and costs related to fighting in Iraq and nation building (and not to mention Afghanistan and god knows where else..Iran, etc.), that math just doesn’t add up!
The only reason I did my taxes so early is because turbo tax had a half off deal to file through them if you did it before Feb 14. I procrastinate, but not when money is a factor.
Mr. T February 14, 2005 at 9:23pm
As a post-note, I should add that I steamed some fresh broccoli in my new rice cooker this evening. MMmmmmmm...nothing like crunchy steamed fresh broccoli with a bit of butter.