by: Jeffrey Quinn
The notion that "Boomers" are whiners doesn't even deserve the courtesy of a comment. Let's just lay that gauntlet right up front. Further, the notion that successful Boomers ought to just be happy to pay more to support others (notably, the more recent generations) and keep their mouths shut is ludicrous.
For one thing, we urge each of you to consult the annual statement you receive from the Social Security Administration, and compare how much you have paid into this stupid system, in relation to the likely, expected "return" on your "investment". Your analysis will reveal the fact that you have already paid more than a tad in excess of what you will ever realistically expect to recover. Given that such was not the original game plan, please explain to us how Boomers have not already been clipped far more than their fair share--and this, before consideration of even one Lincoln penny of income taxes paid over lo these many years!
Anyway, getting back to the Obama Administration--take comfort in the notion that Barack has put former Fed Chairman Paul Volcker (At age 81, hopefully he can read his own Social Security account statement and understand the bad news.) in charge of the new Economic Advisory Board. In essence--a Tax Czar (Doesn't every problem, these days, need a Czar to tackle the mess?) whose mission is to assess the present tax structure of the US(SR)A.
How comforting to hear the utterance of hirsute Budget Director Peter Orszag, who recently noted that "the only constraint" on this task force is that there be no tax increases during 2009 and 2010, and that whatever proposals emanate shouldn't raise taxes on families earning less than $250,000 per year.
Nice--we can hardly wait until December 4, when the recommendations are due. Kiplinger Tax Letter opines that likely proposals will include allowing the 33% and 35% marginal income tax rates to rise to 36% and 39.6% for upper income taxpayers. Not to mention raising the top rate on capital gains and dividends.
While in the mean time, health care "reform" will also come to the table. And yet again, expressing enormous creativity, comes Obama after the wallets of upper income folk. Bloomberg noted, this week, that "the President is trying to avoid broad-based levies such as a Senate proposal to tax some employer-provided health benefits," according to minion David Axelrod. "Instead he is urging lawmakers to reconsider limiting all tax deductions for Americans in the highest tax brackets."
We don't know about you, but we think we've been paying more than our fair share for lo these many years. Now, those in control, are telling we and thee to pay more, and more, and more. It's just a matter of "fairness," don't ya' see?
CONSULT YOUR TAX ADVISOR - This article contains general information about various tax matters. You should consult your CPA regarding the implications to your own particular situation.
Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, with offices in Incline Village and Reno. He is also a contributor to the recently published twelfth edition of Tax Savvy for Small Business, published by Nolo. He can be reached at 831-7288, and welcomes comments at
jquinn@ashleyquinncpas.com.
