| For most taxpayers, refunds are what the tax system | | | | The anxiety over who will look after me? How will I |
| is all about. And, for 80% of the population the | | | | survive if I have no money? Eventually these concerns |
| obsession with the annual refund causes bizarre | | | | may just push us to change the way that we view |
| behavior, from anxiety to slight dishonesty; even | | | | our tax refunds (and other sources of finance) in the |
| routinely having more tax than necessary taken out of | | | | future. |
| our paycheck. What rational person overpays in order | | | | Did You Know? |
| to get something back at a later stage? | | | | The first known system of taxation was in Ancient |
| Most people don't realize that a tax refund basically | | | | Egypt around 3,000-2,800 B.C. in the First Dynasty of |
| means that you are giving the Government an | | | | the Old Kingdom? |
| interest-free loan! | | | | Alaska, Florida, Nevada, South Dakota, Texas, |
| Why should the Government receive the benefit of | | | | Washington State, and Wyoming do not have income |
| your hard-earned money? | | | | tax? |
| You should reduce the amount of money being | | | | That 75% of Australians use a tax agent; the highest |
| withheld by the Government from your paycheck (you | | | | proportion in the world? |
| could increase the number of exemptions); save the | | | | In Britain and New Zealand it is voluntary to submit a |
| extra money all year, and earn the interest on it | | | | tax return (2 out of 3 citizens DO NOT file)? |
| yourself. | | | | In New Zealand the tax has already been deducted |
| Put the money toward your retirement fund; create a | | | | from the salary; any income from interest or share |
| college fund (for your children; grandchildren, or a child | | | | dividends has already been deducted - adjustments |
| who deserves a good education but doesn't have the | | | | are made throughout the year by the Government, |
| resources); invest in tax liens/mortgage notes; take | | | | and by the end of the financial year there is little (if |
| advantage of tax-deferred savings accounts (if you | | | | any) money owing? |
| are over 50); build an emergency fund. | | | | What we need is a Flat Rate Tax for Individuals and |
| The problem (in America) is that the majority of the | | | | A Flat Rate Tax for Businesses. The same rules |
| population views their tax refund as a gift. In a way, I | | | | applying to ALL regardless of the size of income. We |
| guess it is, after all who, more than you, deserves the | | | | would ALL be paying the same rate. |
| spoils of that hard-earned money? And, don't we just | | | | The more tax associated paperwork intrudes on |
| have to spend our "gift," and have fun?! | | | | someone's life, the worse they feel about it! |
| However, as gas prices climb towards the $4.00 mark; | | | | How much fun is there really in a Tax ReFUNd |
| houses decrease in value; mortgage defaults rise (1.8 | | | | ?????????? |
| million predicted in California over the next 12-24 | | | | Have an opinion or a question you would like me to |
| months); a stock market that resembles a | | | | answer; write to me! |
| roller-coaster ride; and the never-ending Middle East | | | | "Your" Money Matters by Carl Hampton |
| conflicts, perhaps a subtle shift will occur and we will | | | | From the Author of "From Credit Despair To Credit |
| soon realize that we really are getting older, and had | | | | Millionaire. |
| better begin saving for that extended retirement. | | | | |