Blake Snow

content advisor, recognized journalist, bodacious writer-for-hire

As seen on CNN, NBC, ABC, Fox, Wired, Yahoo!, BusinessWeek, Wall Street Journal
It looks like you're new. Click here to learn more.

Tagged taxes

I’m sickened as an American taxpayer today

000image.jpg

I have been against any type of taxpayer bailout or “stimulus package” since Congress and America’s most liberal-spending president first passed the $700 billion one in October. I even asked my representative not to vote on the bill, which he did anyway.

As the majority of Americans predicted (60% in both a CNN and Gallup poll), the bailout didn’t work, according to today’s report in The Washington Post. Banks aren’t lending the $200 billion they received from taxpayers back to taxpayers. How kind of them. Continue reading…

An economist defends tax cuts for the wealthy and seemingly hates child credits

The following metaphor is reputedly written by David Kamerschen, a professor of economics at the University of Georgia. In it, Kamerschen makes a convincing case for equal taxation, one that I generally agree with.

But those substantial tax credits (read: the distribution of wealth) that I receive every year just for having kids are really, really nice. So consider me undecided on the matter (wink, wink).

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: Continue reading…

It feels good to even up with Uncle Sam

Lindsey and I finished our taxes early this year, e-filing on Tuesday with our people. It feels good to put that one in the “completed” folder.

What’s more, I saved a grundle in 2007 by filing as an s-corp instead of a partnership (note: the federal government does not recognize an LLC, a state entity, so Uncle Sam defaults to a partnership filing for tax purposes). Couple that with an additional tax credit for our second child born in October, and the Snow family will be spoiled with its first return in three years.

The downside: flat revenues also contributed to the return, though I honestly can’t complain. Not one bit. Have you done your taxes?

Is it wrong to wish I didn’t have a profitable 2006 during tax time?

My last year of business was the best ever. Griffio has yet to hit the growth stage in its 3.5 year life, but every year has been better than the last. Growth, albeit small. And I feel blessed.

However, I owe the tax man a hefty sum this year. I owe him even more for being a profitable LLC (darn pass-through entity). It’s funny because as I was sitting down with my tax adviser, I realized how much money I owe Uncle Sam. In the process I caught myself saying, “Man, I wish I incurred more losses so I wouldn’t have to pay so much. Why did I have to be profitable?” That’s brilliant.

Although I don’t agree where all my tax money goes, I’ll pay my dues appreciating the many opportunities this great economy has created for me. Does knowing that make it any easier to pay taxes? Maybe. At least that’s what I tell myself.