We need a fair tax structure.

Posted: 5th April 2009 by Christopher Saikes in Current Affairs, Politics
Tags: , , ,
Pen Truth

Pen Truth Contributor

In anticipation of the economic crisis and the possibility of losing my job, I closed one of my IRAs that I had opened only 5 months earlier. I used the money to pay off my credit cards because the company I work is having real trouble keeping the doors open.  This decision cost me almost half of the total amount in taxes.  I already paid taxes on this money when I earned it.

Due to the work slowdown I already earned less in 08 than I did in 07.  By January my other IRA lost 75% of its value, but I will never get to deduct that from my taxes.  That account had not fully recovered from the 2001 stock market meltdown. 

This is not a fair structure if you are not in the millionare’s club.  If you owe over 36 thousand you can get away with paying as little as 4 thousand by negotiating with the IRS.  Who thought up this little cluster of luck?

Comments are closed.