Wednesday, April 23, 2008
Today is Tax Freedom Day, meaning every dollar you've earned up until today has gone toward paying your federal, state and local taxes. I guess another way to look at it is that the rest of the year your money is your money. Somehow, that doesn't make me feel any better.
I'm still baffled that I have to pay taxes on money that I've earned through shrewd investing. Look at it this way, I am investing money that I've already paid taxes on and taking a risk in buying a stock. If that stock goes down, I get to deduct a nominal amount off my taxes. However, if that stock goes up leaps and bounds, I get to pay taxes on the amount it went up. Huh? It seems to me that if I already paid taxes on the money I invested that I should get to keep anything I make on it.
I'm still baffled that I have to pay taxes on money that I've earned through shrewd investing. Look at it this way, I am investing money that I've already paid taxes on and taking a risk in buying a stock. If that stock goes down, I get to deduct a nominal amount off my taxes. However, if that stock goes up leaps and bounds, I get to pay taxes on the amount it went up. Huh? It seems to me that if I already paid taxes on the money I invested that I should get to keep anything I make on it.
