Yes, this is political.... I don't like taxes. I don't like to pay them. I don't like to do the paperwork.... all in all they are an onerous task. This coming year they will be even worse.
The tax credits we have enjoyed for the last decade are expired. Congress hasn't extended them - maybe because we are, as a country, trillion of dollars in debt. Whatever. Getting them extended has become a battle of political parties. One party wants to extend them for a few, another wants to extend them for all.
I'm not one of the rich. Not even close. But why not extend them for everyone? The rich already pay more in taxes than the rest of us... why should they be further penalized?
There is a website (I need to find it again) that figures your tax liability with and without the tax credits being extended. The liability that I (we) will assume is between $8,000 and $12,000.... that means that my taxable income increases by that much. Are you kidding me?!?! Really?!?!
We don't make that much money. We really don't. I said a little prayers of thanks that I was gainfully unemployed this year - otherwise my WHOLE SALARY would be piled on that tax liability. Bad enough that when I did work our refund was $0.00.... would hate to see what we would owe if the credits were not extended.
You can look up what any military member makes.... until you are an O-6 (Captain) there really isn't enough money to pay a $3,500 tax bill - which is right around what we will be looking at. Gross.
So.... I am unhappily itemizing every item I am preparing to donate to the Goodwill or Disabled American Vets.... giving fair market value and depreciating cost.... Of course, I do have to say that this beats the beans out of a yard sale but that isn't the point.
If we keep going on this way, as a country, not only will our government be broke, we will have no middle class.
Just my thoughts....