It's tax time! Yeah! Well, I'm always happy because I always get a refund. Not a ridiculously huge one, but a decent one. Yes, I know, it is best to minimize the refund so you don't just give a free loan to the government. But as the refund gets smaller and smaller every year, I'd rather be used to my current flow of income and get smaller and smaller refunds than have to pay more. It just feels better to get money back.
I generally get my taxes done before the end of Januaray - in fact, I'll probably finalize them tonight. I use TurboTax - for both federal and state, and I file electronically. I've used it ever since I've been a working professional making real money, so that's like ten or so years now. I really like it.
What I don't like, though, is the utterly ridiculous marriage penalty. I think this year my wife and I are paying about $6000 to $8000 extra in taxes because we are married. If we were single, we'd have saved that much combined on our taxes. Which is another reason I'm glad my deductions from my paycheck are set the way they are, because otherwise, we'd owe quite a lot. What saves us are our deductions, mostly for the house taxes and mortgage interest. Otherwise we'd be paying thousands in taxes now rather than getting a nearly $1800 refund. But still, we'd get up to a $10,000 refund if we were single filers. So in essence, we are paying the government over $500 a month, or over $6000 a year, to be married. That's pretty damn steep. Talk about "family values" - yet they will never fix it because they'd lose far too much revenue. We can only cut revenue when it saves the rich a lot of money. But marriage - well, that doesn't matter. Or apparently only is a big deal if there are two penises or two vaginas in a marriage - then it is the end of the world and will result in the destruction of marriage as we know it, and the collapse of our society. But paying six grand per year for the "pleasure" of marriage, well, that doesn't hurt the institution at all.
It is almost worth it just to get a divorce - we'd save so much money - the divorce would pay for itself in the first year. That's just sad.
But I don't expect this will ever be fixed. What a load of bullshit.
4 years ago