Every year, I take the total amount of federal income tax I pay and divide it by 52. I print this number in large letters on a post-it note and stick it on my kitchen cabinet. Knowing how much I'm contributing every week helps me keep things in perspective. It also opens the door for friendly discussions about our government when friends are in my kitchen. I am amazed every year at tax time how many of my friends and co-workers will say something like, "whew....we didn't have to pay any income tax this year." Sends me into orbit that folks are that dense.
Feels different, doesn't it...... Post it where you'll have to look at it every day, several times a day, and see how long it takes before it DOESN'T make you mad.
As far as this thread and the linked article goes though, I already know the feeling of writing a quarterly check. I certainly do not look forward to it each time, to say the least.
I always get a kick out of this one. I see people excited when they get huge refunds, thinking they are getting a bonus or something. They can't comprehend the fact that they are letting Uncle Sam use their money for the entire year, then get the overpayment back without any interest. Of course, many say they use it as a savings account, which is truly sad. I'm all for the quarterly tax system...
It is a nice thought but it wont work. You have people that can not manage their money and come time to pay that quarterly amount will not have the money to do so. Then when the government doesnt have the money to run and starts shutting down their will be hell to pay. Geeesh Isnt the IRS in our life too much now. You better build alot of prisons.
I'd much rather write the check than have the government get the time value of my earnings. The total that goes to taxes is sickening, especially when you consider how very little the normal guy gets in terms of government services. I hate it hate it hate it hate it. And when there's a tax on ANYTHING ELSE, seems like double taxation to me. I'm fully in support of this bill, as it would finally show people what they're paying. And you're right, that's about the only thing that would cause a tax revolution. "YEA, I GOT A BIG REFUND." One of the dumbest phrases commonly heard in America.
You pretty much identified the personal financial problems in our country. Many people can't manage money, therefore our government does it for them. See Social Security. We need to let people sink or swim at some point...
