There’s an old saying (based on Scripture) that affirms “the truth will set you free.” Yet I often wonder if our government officials ever heard the saying because, year after year, we seem to hear more evidence pointing to the contrary. For instance, many politicians appear to twist the truth during campaign years as it relates to our tax code in an effort to manipulate voters into believing what they want them to hear instead of the actual truth. Maybe that really isn’t the case; perhaps our politicians are just inadequately educated about the comprehensive truth as it relates to taxes.
The one area in this regard that really pushes my buttons is the barrage on the wealthy and capital gains tax versus ordinary income tax. Regardless of party or political alliances, we always see the same attacks on the rich relative to taxes. The usual portrayals seem to insinuate that the rich have somehow found the so-called “Holy Grail” of tax loopholes, allowing them to create an enormous gold mine of wealth for themselves. From that viewpoint, everyone in America seems to become jealous of their success, regardless of the work involved in actually obtaining wealth in the first place. Have we as a country come to expect a Utopian society where no one has to do anything, but should be entitled to everything?
Read the rest of Andy’s article published by Advisor One “Truth Talking on Taxes: Don’t Believe Everything You Hear” discussing the truth about the tax code and how it works… It will enlighten your understanding that everything you hear may not be completely true…
Andy graduated from the University of Alabama-Birmingham with a B.S. degree in Accounting. He is a Registered Investment Advisor Representative of Money Management Services, Inc and holds the designations of CPA (Certified Public Accountant), AIF® (Accredited Investment Fiduciary), CTS™ (Certified Tax Specialist), and WMS (Wealth Management Specialist). As an advisor, Andrew specializes in comprehensive financial planning, estate tax planning, personal taxation planning, retirement income distribution planning, wealth accumulation, personalized portfolio management, and fiduciary investment management services.