Here are some stark realities.
Taxpayers are being screwed and they don’t realize it.
The people with the power to tax know that taxpayers are being screwed and they don’t realize it, and that’s why they know they can screw people.
Rush Limbaugh spoke extensively about taxes and tax cuts on his radio program today.
His analysis was spot on BRILLIANT. It should serve as an education to everyone who forks over their hard-earned money to the government.
Here’s a portion of what he had to say:
“Americans Spend More on Taxes Than Food and Clothing Combined.” And you know what? I’ve got the numbers here. I’ll bet you most Americans don’t know that. I’ll bet you most Americans would come across this story, they wouldn’t know it.
You know what strikes me? Whenever tax cuts comes up as an idea, I am always, still to this day, shocked that a great majority of Americans do not join the effort. Really. I expect whenever the idea of tax cuts come up that this is something all — now, I understand, look, I’ve had calls from seasoned citizens. I’ll never forget this one call from an elderly woman in Boston. And she did not want her sons and her grandsons to have a tax cut because a tax cut meant less welfare for her.
Now, I know that there are people like that out there, but I’m talking about the vast majority of people who work. And I think the reason most people don’t join this call for tax cuts is they have no idea how much they’re paying in taxes, ’cause they never see the money. All they see — and they may not even get a check anymore. There may not even be a paycheck with a stub. With automatic deposit, an amount of money every pay period just shows up in the checking account, and that’s it. And they never take the time to look at what has been withheld.
So they don’t know what federal taxes they’re paying. And when it comes to filing their federal taxes, most of them don’t have to pay anything because they’re already so overtaxed that they get a refund. So when April 15th comes around or whenever they file, they expect a refund, and they think they’re screwing the government, and they love to brag to people, “Yeah, my refund, I’m getting $1,200 back this year. I’m really taking it to them.”
You’re not screwing anybody. They’re screwing you!
If you get a tax refund, it means that way more money was withheld from you than you were required to have withheld . Now, a lot of people like getting a refund because it’s the one time of year that they have a big bundle of cash, like a thousand dollars or $1,200 or whatever it is to go spend on whatever they want to spend it on. But smart money management would say plan your taxes so that you don’t get a refund and so that you don’t owe anything, or owe a little.
But there’s no reason to give the government control of your money when they’re not paying you any interest on it. So getting a big tax refund is not smart. It may make you feel good. Bottom line is people don’t know how much they’re paying in taxes. They never have to write the check. They never actually have possession of the money and have to give it away. They never see it because of withholding.
The entire transcript from Limbaugh’s segment today is here.