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No One Promised You A Bigger Tax Refund

As if we needed more proof that the American education system is broken, people are now crying about getting a smaller tax refund this year. Let me conduct a short class in basic personal finance.

FIrst, if you live in a deep blue state and itemize your taxes, stop electing morons who spend to much. You are spending too much on property tax, state tax and local tax. Or move. But don’t come to my state and vote for the same dumb policies that created your problem in the first place.

Next, the Republicans were explicit about the goals of the tax cuts. They want you to have more money in your paycheck. If you have more money in your paycheck, you aren’t giving the government as much. Ergo, they will not be holding as much of your money at the end of the year. What they give back will be less. Math anyone?

Third, if you had typically used your refund for a “nice to have” like a vacation or a must do like paying off a credit card the extra money in your check should have been a clue. You could have been paying off that credit card in small dollars all year. Alternately, if you take an annual vacation, you could have had the difference auto deposited into a savings account just for that purpose.

After 25 years of putting money in IRA’s and 401K’s, I promise you don’t miss the money that isn’t in your paycheck. You adjust your spending to what you can spend.

Finally, why in the world would you want to give the government an interest free loan for a year? I don’t even like doing that for my kids and I love them. I can’t say I really like the government at all and they are less responsible with spending than my kids were when they were ten.

One visit with a financial planner will help you figure it all out. But being mad that the majority of Americans are paying less in federal income tax every paycheck is just silly. And that people are actually upset over this just begs for adding basic personal finance and home economics back into high school graduation requirements.

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