For the past three weeks we have seen partisan rhetoric and anger from the left and right, and a ”tax compromise” from the middle.
We seem to have a tax cut bill for all Americans but I disagree with the term tax cut. The tax rate we pay will remain the same as last year, the year before, and in fact the same as the last eight years.
But wait!! This is still Washington and is the Christmas season for giving. The compromise over taxes was fairly straightforward but our elected officials see the Christmas tree as the “money tree.” These elected officials are standing in line to hang their “ornaments” on the tree. Each ornament is decorated with a dollar sign.
At one time, these attachments to a bill were called “earmarks” but now they have a new sexier name,- enhancements. Whatever their name, they add to our deficit and are the price to be paid to get a bill through Congress.
But, we do have a tax bill. The tax rates remain the same on all Americans but many people will be paying less in taxes this year and next year. Not because we received “a tax cut” but because our income is less, our savings provide less and many regular investment returns are not keeping up with inflation. (“There is inflation?” you ask. Check the price of gas and food.)
You may not be able to hang an ornament on the Washington money tree but you should take steps to develop your own “money tree.” Find and use knowledge, education and the tools available to develop your “money plan.”
In these times of uncertainty, Depend on Yourself!!
Option Nu B