Its tax day. What does that mean? Today is the day when we, the super wealthy, have to write big checks to the government to pay our taxes. We hate it and dread it every year. For most individuals, they get money back. Not us.
Ah, but there is always a catch. Tax write-offs are a glorious thing. While working with my accountant, he informed me that since I am officially in business for myself that I can write-off 30% of my income. Through a special retirement fund for self employed individuals, I can write-off $45,000 or 30% of my income each year by moving that money into the retirement account. Then, of course I have all those “charitable donations” to write-off. Long story short, I end up paying 17% in taxes on the year.
Meanwhile, ordinary Americans are not allowed to use the same retirement accounts that I am. You have Roth-IRAs, 401Ks, and other retirement funds to use. Nothing as powerful as mine as far as write-off possibilities go. Yet, my kind will complain to the high heavens that we end up paying taxes; while most people get money back. We completely disregard the fact that we paid little to no taxes throughout the year. If you’re taking a dime of our money, you must be a socialist. Wall Street thinks that because we sit behind a desk making money that we’re entitled to keep every penny. Likewise, we believe that someone pounding nails all day isn’t “smart enough” to use their money wisely. So why not have them pay taxes? It doesn’t matter that they are struggling just to make rent. We want more perks from the “elite” status we feel entitled to.
So while I write this 17% check to Uncle Sam, I know some of my fellow Wall Streeters are writing a check for an even lower percentage complaining about it. Demanding an answer for why someone who “is the reason there is an economy left at all” has to continue to support the “lazy individuals who refuse to get a job.”
Need another reason why this stock trader is fed up with Wall Street?