In most years, today, April 15th is tax day, when Federal and state taxes are due.
Most people want to pay as little in taxes as possible. They are resentful about taxes.
I recommend a different perspective….you should feel fortunate and happy that you are able to pay a lot in taxes, as that means that you are more financially successful and should be more secure.
Many years ago, when I was a young CPA meeting with one of my largest clients, I brought him his tax return near April 15. He had to write a huge check, for maybe $300-400,000. I was actually nervous to go into his office, even though he was expecting this large payment.
My client taught me a lesson I’ve repeated numerous times.
He told me he was very pleased to be writing this large check, as he knew this meant that financially, the year had been incredibly successful. Though he was paying the government a lot, he and his family had benefited far more. His key employees also shared in this success.
Having an abundance mentality is important. If one of your goals is to be financially secure and successful and want to enjoy the freedoms, opportunities and benefits of our country, than you should be OK with paying taxes.
I’m not suggesting that you pay more than the minimum you should pay. We actively work with our clients to minimize what they owe, through our investment approach, planning, and looking for tax saving opportunities year-round.
I’m not talking about tax rates or what they should be.
The reality is simple. The greater your income is, the more taxes you pay and the more that you and your family will have.
If you want to be financially secure and have a good retirement, you will need to pay a good amount of taxes during your lifetime. That is not something to be resentful about. It is something you should be pleased about.
So, if you have been successful and are paying a lot in taxes, you should feel fortunate.