During High School, I took mostly academic courses to fulfill my pre-requisites for my chosen profession as a nurse. Many business courses just did not tidy up the required nursing school requirements even though they were needed for living in our business oriented world. More so now, than ever before, one needs to be well rounded to proceed, successfully, in life. Some of my learning about business came from my parents that read the Wall Street Journal from front to back. Having it sitting there, I picked it up and scanned parts as a teen. Most of my knowledge about finances has been being around business savvy people talking about Investments, which greatly, interested me. The rest, a little section of my gray matter pulled some, know how, from just plain living.
When I got working papers at 14 years old, I had already done some independent contracting on my own. I was baby sitting for many neighbors, was a paid mother’s helper and any odd jobs for cash. No one claimed they gave me money when tax time arrived to inquire about their money. I know this because my mother was close friends with most of these people. My earnings went into a savings account to pay my nursing school tuition in 4 years. My bank account was not taxed on my interest on that savings like it is done now. To my way of thinking, I think “the today of our banking savings accounts” is double taxed. Let me go further and explain what happens today to a person who deposits money into a savings account. Before the money even gets there, the person pays government taxes on the dollars earned. The wage is paid to the person and taxes are taken out from that person providing the service. That same taxed money is then taxed again before it is even old money. That to me is double dipping with taxes.
Furthermore if the service that was paid for with taxed money , that is a separate person and can be taxed so many more times than you can shake a stick at, in my way of knowing. Here is how I can explain that. If In fact, the person takes their money out of the already taxed savings account and places it in an investment like a United States Savings Bond, they will be taxed yet again when that bond is cashed.Now we are above double dipping with taxes.
We have been told to pay taxes and we do. Then we do again. Then yet another time on that same dollar. I resent that time and time again taxing of the same money I already paid taxes on to the authorities. Examine this information and it can be applied many places in our lives. Start counting the times your money is taxed. You will find there is less money and more taxes.