"People think taxation is a terribly mundane subject. But what makes it fascinating is that taxation, in reality, is life. If you know the position a person takes on taxes, you can tell their whole philosophy. The tax code, once you get to know it, embodies all the essence of life: greed, politics, power, goodness, charity. Everything’s in there. That’s why it is so hard to get a simplified tax code. Life just isn’t simple."
Former IRS Commissioner
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3 comments:
Too true! I am fascinated by taxes from a policy standpoint. It's the practice of structuring income for tax purposes that makes me hesitant to go into tax practice.
That said, here's a very important question for you. Does the existence of state income taxes play any role on your decisions about where to live post-grad? I personally believe in taxes, I really, do but I get snarky when I pay taxes but the schools available to my children suck, the state's healthcare system is lousy, and I can't drive down the street without hitting a pothole. Add to that the insult of state politicians who get caught with ten thousand dollars in their freezer, and LA state taxes are weighing heavily on my mind right now. The amount I would pay to LA in state taxes would literally equal my annual loan payments! What would you do?
I mean to say $100,000, not $10,000. Need coffee. And bagel.
Well, Wife just got her first paycheck this past week and was very disheartened when she saw the amount of New York state taxes (NY has about the 3rd highest state tax in the nation). However, I can't really say that we are planning our futures based upon where state taxes would be the lowest (however, a place with no state tax does sound nice).
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