Word: taxed
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...spending goes down only 10¢ for every dollar of tax cuts (hardly pessimistic, given that there is no actual evidence that tax cuts drive down spending at all), we're in deep, deep doo-doo. Government spending is almost 10% higher (yes, higher) after 20 years, and the equivalent of more than $5 trillion has been added to the national debt...
...with an annual surplus equivalent to $400 billion, government spending down by almost 30% and more than $5 trillion knocked off the national debt. All you have to believe is that every time President Bush gives the country a dollar in new tax cuts, the country shows its appreciation by spontaneously knocking a dollar off its demands for government spending. And if you buy that, I've got an old cocktail napkin I'd like to sell...
...year has been rung in, and the old year is gone, but one memento of the past 12 months remains: your 2003 tax bill. Statements from your employer and financial institutions (W2s, 1099s) will start landing in your mailbox this month to help you report last year's income to Uncle Sam. It's too late to reduce your tax burden if you owe money for the year that's past, but now is the perfect time to start thinking about ways to reduce taxes for the year that has just begun. Looking ahead, we can see that...
RETIREMENT SAVINGS PLANS Your first New Year's resolution should be to ramp up your retirement savings. Given that you don't pay taxes on money in qualified plans until you take it out, you should stash your cash there instead of giving it to the IRS. As Jeff Kelson, a tax partner at BDO Seidman in New York City, points out, "Changes in retirement plans have been magnified to allow for more deductions." Contribution limits on 401(k), 403(b) and 457 plans increase by $1,000 to $13,000 this year...
HEALTH SAVINGS ACCOUNTS (HSAs) Products of the Medicare Prescription Drug and Modernization Act, which Congress passed in December, HSAs went into effect on Jan. 1, allowing you to save money in a tax-free account to pay for health-care costs. Individuals with "self-only" policies can make a pretax annual contribution of $2,600, and families can contribute up to $5,150 to an HSA account...