Like many of us, I spend many hours trying to get the “best deal” for major and minor purchases, such as TV’s, cars, financial services, groceries, etc. We all research the product or service for features that suit us best, and we try to pay the lowest price.
Do you ever think about your taxes? Yes, I know, most of us hate to pay taxes, but we need the roads and schools and defense and other services these taxes buy for us. Shouldn’t we research these tax expenditures and get the “best deal” for our tax dollars?
About 25% of the money you earn in your lifetime will be paid as taxes – federal, state, property, sales and other taxes.[1] If you earn on average $50,000 per year, and you work from age 25 to retirement at age 65, you will have earned $2 million dollars in your lifetime, and you will have contributed $500,000 of your earnings to taxes. If your earnings average $100,000 per year, your tax contributions over 40 years of work will be $1 million dollars! (Likely more, as you will be in a higher tax bracket :). That’s probably far more than you will spend on any other major purchase, like a house or a car. Shouldn’t you spend at least a small portion of your time getting the “best deal” for your tax dollars?
The people you elect will spend your tax dollars. You determine the “best deal” for your hard-earned tax dollars by voting to elect those most aligned to your way of thinking. You have the power to decide what features you want in your government spending, and how much should be spent or saved, by voting for the right person. Spend a little time on google to research the issues, whether they involve how your local School Board chooses to spend money on lunches and computers, or your city on police training, or how the Federal Government spends money on defense, infrastructure, or healthcare. And spend a little time getting to know your candidates’ positions. Vote for the person you think will spend your tax dollars the way you would.
You can let your views be known to your elected officials, whether senators or city council, whether it was the candidate you voted for or the other party. It only takes a few minutes to email them. You will be surprised at how effective your voice can be, but first, you must elect the right people this November with your vote.
[1] Tax Policy Center. “Tax Policy Center Briefing Book.” May 2020 https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally .