While the phrase is 'death and taxes', I choose death by taxes based on the results of our 2008 taxes. The not so subtle message that the government sends us is that we should shouldn't strive to do well financially unless you want to be the financial underwriter for all the crap programs they develop. I say that because rolling to the next income bracket without mortgage interest and the fact that you can't get any child tax credit with an income over $100K will screw you. I realise that the big picture shows us doing well and I should be grateful, but seriously, somebody explain to me why we have to pay another $6K on April 15 after an already insanely high amount being withheld. As our income has climbed each year, we've watched the hammer fall harder and faster each year, with this year being the worst by far. Apparently, in our foolishness to own a home and maintain a good income, we get to make up for the lack of money coming from people in debt. Please forgive my bitterness, I'm not mad or judging people in debt, I'm mad with how the government handles it.
You could argue that people earning more should take care of people who can't earn as much, but I find it a little disturbing that a couple owning a condo with good careers is put into that 'care taking' bracket. Wasn't the cultural norm to own a farm or home without paying an exurbanite amount of money to the government? I mean, isn't $6K beyond withholding a little extreme?
Since life will never be absent death or taxes, there is a certain level of acceptance required despite the frustration. Firstly, thank God that we're not paying 80% of income like some countries, and secondly, the lesson for us is to set aside additional tax money throughout the year regardless of the withholding. It was a difficult lesson especially this year since withholding normally came within a reasonable amount. However, if I had to write a cheque for $6K to a foundation or charity, I would be much happier about it; but I know it's just going to go through some damn agenda budget and be wasted like quarters pouring out of a soda machine.
