Last week a politician said something so head scratching about taxes that made me wonder how much he really understands our tax system.
The Congressman (Jerry Nadler) said: “No one should ever be taxed twice on the same income. It’s not fair and it’s not just.”
Where in the world has he been? What tax code has he been looking at for the 29 years he’s been in Congress?
Since I am a teacher at heart, let’s do a little education for Mr. Nadler:
-We go to work and earn a living and we pay personal income tax on that.
-If you have a business you might have to pay a corporate tax rate on your profits in addition to your personal income tax
-When you spend the money you’ve earned (and already paid taxes on), you are subject to the sales tax.
-If you buy a house with money you’ve paid taxes on, you have to pay property tax on that.
-If you die with too much money, you have to pay taxes on that.
-If you invest your money and make money on that investment (outside of retirement accounts), you have to pay taxes on that.
I’m sure there’s more that I’m missing. The point is, we are taxed in every which way the government can come up with.
And unless you have a guaranteed cushy job for life (like a congressman), it pays to be wise with your taxes, especially as you are nearing retirement.
Which is why I wrote a book all about taxes and retirement, which you can get for free here: https://forthrightfinances.com/tax-book
Have a great weekend,
Scott “School Is Out” Newhouse
P.S. Whenever you are ready there are 3 ways I can help you…
1 – Grab a free copy of my books on Retirement Planning at FreeRetirementBooks.com/
2 – Check out my podcast, “Retirement Clarity Radio” by clicking here
3 – Schedule a free discovery call with me at StartMyRetirement.us