Tuesday, April 15, 2008

Tax Day

Today is April 15 - the day of reckoning for taxes. According to theScott Hodge, President of the nonpartisan Tax Foundation, "Government continues to dominate the American taxpayer’s budget. Americans will still spend more on taxes in 2008 than they will spend on food, clothing and housing combined.”

This is a superb day for reflection about the size, scope, and purpose of the federal and state governments. As we move forward, voters, policy-makers, and think tanks should seriously review whether tax policy supports - or undermines - the Constitution and our First Principles. We should thoughtfully consider whether the enormous federal budget - as well as large state budgets - are serving our principles well. Spending without such scrutiny appears to be the norm, yet Americans appear to be more dischanted than ever with government. Viewing our taxes through the lense of our history and First Principles would bring some needed discipline to our fiscal and budgetary policy.

For more, check out http://www.americassurvivalguide.com/index.php

1 comment:

Ian Redmond said...

As some may know, April 23rd was Tax Freedom Day. Beginning yesterday, we may begin saving our earnings. Yes, until yesterday, all of the money we earned in 2008 equals that which the government will take in taxes this year. So for the next 8 months, we can use our income to help our families, pay bills, pay a mortgage, pay student loans, eat, drive a car play and maybe even save. However, if we have spent any of our earnings on those expenses or apparent luxuries during the last 4 months, we will need to repay that amount to the government though withholdings over the rest of the year.
Congratulations for working so hard for the sole benefit of the government these past four months.
While I am glad to now have some control of my own income, I can't help but wish that Tax Freedom Day were celebrated in January.