Taxed 2 Debt!

Link to digest:

Farmers fall victim to the Estate Tax.

From the article linked above: “Moreover, farmland close to urban centers is often lost forever to development when estate taxes force farm families to sell off land to pay taxes,” and also this: “It would be a travesty if the next generation was forced to abandon the farm, just to pay the taxes.“

Unique visitors to post: 0

Tags: Debt and Taxes, estate tax, Taxation

Taxed 2 Debt: A Case Study

There’s a church not too far outside of Austin .  If you’re driving up 183, passing the local mall, you can’t miss it.  The church was started in 1977 by a man named Jack Humbert.  Pastor Jack was a man who had all but conquered the railroad industry and decided that his true heart was in the ministry.  He left his career behind, went and bought a hardware store in Cedar Park , Texas , and converted it to a church.It’s a church on the hill.  The title has since changed, but there are many people still there that were a part of the previous church, before the change.

What happened on that hill over the next few decades was pretty amazing to see. The place grew, springing up new buildings, a school, a football field.  Many people’s lives were touched by what God allowed the people of Hilltop Baptist Temple were allowed to do.  Addictions were quit, relationships restored, and people were allowed to serve.

› Continue reading

Unique visitors to post: 1

Tags: Debt and Taxes

The Innovation will not be Legislated

There’s an argument out there that says: So what, the government wants more of your money, what have they ever done to you?

The history of governments is something for another day, but the answer to this question in the short term is better answered by a question: What has the government ever done for you?

Innovation: The Microwave, Mr. Potato Head, Ipods, Foot Powder, all things you may have used today, although hopefully not at the same time. These things were not born through legislation or through any executive order. Normal everyday people brought these ideas and countless others to fruition. Innovators–inventors, farmers of ideas–work best with less restriction, less red tape. Creators work best with freedom–freedom of expression, freedom of choice, and most importantly freedom of resources.

Every day when you walk to work, or when you ride the train or your Segway that runs on soup, there is an amount of your income that is deducted. You don’t see it, but imagine a tiny minus sign above your head, counting off the amount that is subtracted on a daily basis. What could you do with this amount at the end of the day? The answer is surprising.

Unfortunately we don’t have the technology here at Taxed2debt to give you magical numbers floating above your head. I’ve looked into it. But we can bring that number to your attention here, and in the upcoming book.

More money taken from you equals more restriction on your life. There’s less you can do–less people you can help. The less freedom you have, the less innovative and creative you will be.

With more resources being taken from you in the future, how are you going to innovate? How are you going to come up with the next big thing? The government: congress, the administration, and the courts are not going to come up with the new ipod. It’s just not going to happen–they’re much better at politics than they are at ipoding.

We need people like you, yes you who are reading this now in your underwear, to have as much freedom as possible. We want you to follow your dreams and help others along the way.

Unique visitors to post: 0

Tags: Debt and Taxes

Life and Taxes

In a year, an attempt to keep up with every tax you pay would be daunting.  Imagine running back into a Dairy Queen to get a copy of the reciept you forgot in order to document the state sales tax you just payed on that Butterfinger Frosty.

Then there’s the land taxes, cell phone taxes, income taxes, taxes on breathing.  Well, that last one is made up but you get the point.  Keeping up with the sheer amount of money that is taken from you would be a difficult thing to do each day, however that’s what we’re for.

We took a year in a life of a small business man and household, documented every tax down to the cent, and plan on revealing the percentages and data in our book, Taxed 2 Debt.  What we believe it will show is something that cannot be denied.  People, regular middle class people like you me and Cosby, are paying too much in taxes.

We’re pulling for legislation for lower taxation, or even a more radical-permanent solution of the Fair Tax.  We want things to be fair and we want people to be free to pursue the American Dream that has made this country so great over the last 230 some odd years.

Walk with us–we’re learning to blog here a bit and look forward to your input, questions, complaints and murmurings.

Unique visitors to post: 0

Tags: blog, Debt and Taxes

Whats in a name?

Taxed 2 Debt…..Obviously a play on words.

Two things inevitable in life….death and taxes. Death and Taxes? Seriously….These two words are coined together in a common well known phrase? Wow. What a fun time!

So why the name Taxed 2 Debt? Well, this goes back to frustration. The frustration of being taxed on every aspect of life. The list can go on, and will go on later….keep checking back, but the little play on words came together at a greasy fast-food restaurant one night deep in the heart of Texas (or should I say deep in the heart of TAXES). The name just came flying out. Of course, there were extenuating circumstances. Again, being self employed, many of the little taxes that others do not see would end up in my mail box every now and then. Of course there were the ‘usuals’…..income tax, payroll tax, sales tax, gas tax, property tax, motor vehicle tax. But it was the not so obvious ones that were really getting to me. The personal property tax on the items in my office…the office I pay property tax on because I ‘own’ it and the items that i ALREADY paid sales tax on and gas tax transporting them to my office. Another was the take off and landing fees (another word for tax) on an airplane ride I took which was advertised as $79 one way….before you read the fine print. The list kept going and going. The frustration kept building. Being self employed, and a real estate broker for that matter, the paychecks would be sporadic at best. Three closings one month and then none for the next month. It can be a roller coaster ride when you rely on yourself to make your way financially. No paid vacations or health benefits. No Friday auto deposit into my bank account. Basically, some good months and some bad. Needless to say, the income would sit in savings for as long as possible, until it was needed to pay the house payment or the medical insurance payment or the car payment or the quarterly tax payment or the grocery bill or the tax bill or you name the cost of living that cannot be avoided. It would keep coming each month although the income may or may not be there. Eventually, it caught up to me. BAM…….the property tax payment due….then the income tax payment due…..then the investment property tax bill due…..it just kept hitting me. Savings depleted….checking depleted….investment account depleted. So, where was Uncle Sam going to get his money? TaDa…..0% interest for 12 months!! Yeah…..interest free! I can pay my income tax without the huge penalties and interest that IRS will charge…..Done….the little convenience check hits the account for the maximum credit limit available. But make sure to pay this off and don’t be late because 21% interest is painful. Well, let me just tell you, 12 months goes by fast and here we are again. No frivolous spending. No running up high credit card balances on crazy unnecessary purchases. Not trips to Hawaii. No new investments. Just more taxes due….and now a CREDIT CARD balance. Ouch. So, now I am in debt and still in the same place I was in 12 months ago. What made it worse…the more money I made….the more taxes I paid. When would it end? My options….well bankruptcy sometimes crept into my head. But was it the credit card companies fault? No. So, in order to truly take responsibility for myself and not rely on the government……..I sold my home. Luckily, the equity was there. The money I made on my house…..went to pay taxes. Not only taxes due the current year, but also the debt from the taxes the previous year. It became a vicious circle. One that, if I had to bet, probably does not only effect me, but many small business owners out there. I just could not get ahead. I just could not count on savings to remain. I know some may ask, why not get a job with consistent income or why not set aside money each month for taxes. Well, the money I was making was more than I would have made in and 8-5 desk job. And, the money was set aside. But the roller coaster of life and the inevitable tax burdens took a toll. It was never enough.

So as we sat at this little fast food joint in Texas, an idea was born…..and instead of being taxed to death at my age….i was being taxed to debt. Taxes and debt and death. For most, three inevitable aspects each will deal with at some point in life.

From that conversation that night, an idea  was created. Stay tuned to these postings which will eventually lead up to an eye opening research project. We look forward to sharing this with you in the near future.

For now, the show must go on. The taxes will be paid. So will the credit card debt….even if I have to live out of an RV. I will pay my bills. I will sleep at night knowing that fact. But the real problem, the deep problem exists. This goes beyond the frustration. This develops the frustration. Why and how did we as a free and independent country and union of states get into this mess? Who is really to blame? How can we get out of this mess? Who will get us out of it? When will the barrage of new taxes stop? From the sounds of things, they will get much worse. Maybe there is something we can do. A solution we can offer. More likely, it will be a standing up for ourselves and demanding that the recklessness going on in D.C. end. And, don’t forget your state and local government. They are as much to blame for what is happening. When my property tax rates are lowered, yet my tax appraisal is raised so dramatically that my taxes increase, we have problems. And I live in a republican/conservative county.

The taxing must end. The waste must stop. Someone has to get this under control before it is too late.

Unique visitors to post: 0

Tags: Debt and Taxes