Taxes, Recession and Elections
It’s Tax Season; and - It’s a Presidential Election Year!
If you listen to any news broadcast or read any newspaper you will surely hear something about both of the above facts. You will also in all probability hear something in the broadcast about a recession. It’s usually not a statement. It’s generally a question that goes something like one of these -
Is the country in a recession?
Are we heading into a recession?
Are we already in a recession?
These questions are usually followed by stories of people or businesses having a difficult time staying financially afloat. Or sometimes it’s about a community that is raising taxes to cover expenses in these tight economic times. So times are already tough for individuals and businesses and then the communities raise taxes including Earned Income Taxes on the same Income on which you are also paying Federal and State Taxes. So people consistently have to pay out more in taxes and companies consistently raise prices to cover their rising costs. Each dollar buys less. Are we on the verge of a recession or are we in a recession? Should any level of government be allowed to raise any tax when these conditions exist? Or should they have to tighten their belts just like individuals and businesses have to do everyday now?
According to Dictionary.com which is based on the 2006 Random House Unabridged Dictionary a Recession is both the act of receding or withdrawing and also a period of an economic contraction, sometimes limited in scope or duration.
When I go to the grocery store in my vehicle after I have just paid $3.15 per gallon for gas to keep my vehicle on the road for what is now only necessary travel, and I find that tomatoes are now $3.49 per pound and a head of Iceberg Lettuce is a focus sale item at $1.50 per head and what amounts to a handful each of blueberries and blackberries were on sale for 2 containers for $4.00, I and many other customers were looking and then receding or withdrawing away from the items. Remember, if customers purchase less because their money buys less the businesses have receding profits due to unsold products, so there is a recession relative to purchasing power and a recession relative to selling power. The result is more and more businesses putting up going out of business signs and the communities losing the business and real estate taxes that the businesses normally pay. Then if the local communities, states and federal government do not tighten their belts and operate on balanced budgets THEY RAISE TAXES! Many businesses have closed their doors in my local community and therefore it comes as no surprise that our real estate taxes have just been raised.
So when you file your taxes, if you’re unhappy about how much of your hard earned money is going to government taxing agencies at all levels, while your quality of life ceases to improve or even takes a downward spiral ask yourself these questions.
Are we in a recession? Do you want to have a say in the people representing you and your best interests when it comes to how much of your money goes to pay taxes and what your tax dollars are used for? Are you going to vote? Do you think the other guy who votes is looking out for you and your best interests first or his own? If you want to vote in the 2008 Presidential Election, register soon before it’s too late. Don’t even think about what the political parties have done to date, think about what each candidate is professing that they are going to do. Research the issues and the stands that each of the candidates are taking on them and vote logically based on who you believe is the best candidate for your needs in these times and moving into the future.
In closing I do have to say that one of my better grocery purchases today was a 5 pound bag of potatoes for $2.50 but then that’s not a surprise, even during the great depression potato soup was one of the main foods on the menu.
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