Roy Morgan’s Post

Whatever you feel about paying taxes, they have a role in society. We've been taught that taxes pay for the shared services of medicare, social security, infrastructure and protection. But in fact, the purpose of taxes is to counter-balance the creation of money in the Keynesian System of Debt Based Monetary Policy. Today, the Fed uses interest rates instead of increasing taxes to manage the flows, because politicians don't want to increase the tax rate. Either taxes or interest manipulation can work, but neither are keeping up with the massive volume of unfettered money printing that occurred when the GDP dropped during lockdowns, so inflation becomes the third way for the monetary system to find balance and this one is in no one's control. #FinancialEmpowerment #TaxAwareness #SocialResponsibility #EquitableFuture #ContributionCounts #Taxation #FinancialLiteracy #BuildingBetterSociety #CommunityEngagement #EmpowermentJourney #WomensWealthyWays

The middle class is feeling the squeeze from taxes and inflation. We're paying taxes on everything: - Buying necessities? Taxes. - Earning a profit? Taxes. - Driving on roads? Taxes. It's a never-ending cycle. Either taxes need to decrease, or inflation must be controlled. Without changes, we risk increased debt, rising stress levels in society, growing animosity, and a slow decline in the economy. Sharing this because my ITR returns are non-existent! 🤪 #MiddleClassStruggles #Taxes #Inflation #EconomicPolicy #FinancialBurden #Stress #DebtCrisis #EconomicDecline #TaxRelief

Much of the commentary on #Budget24 will focus on #tax cuts and the spending that has been cut to fund them. If the purpose of tax cuts is to put money in the pockets of Kiwis to allow for more self-determined spending, a couple of other economic indicators are worth noting. First, the #economy is forecast to contract by -0.2% before recovering. Second, #inflation is forecast to fall below 3% later this year and return to ~2% around mid-2026. This gives a sign of when #interest rate decreases may be possible, potentially having at least as much impact on household cashflow as tax cuts.

After yesterday budget, it seems that Government comprehend the concept of inflation only when they are in opposition. Takeaway of the indexation benefit while computing Long Term Capital Gains is contradictory with the basic finance concepts of Time Value of money. As per Finance Minister a property purchased 30 years ago for INR 100,000 is having the same cost of acquisition in 2024 for paying taxes to our benevolent government. This amendment seems to be punishing for tax payers as they have to pay taxes on the entire nominal capital gain and not on inflation adjusted capital gain. Will be happy to know your thoughts in comments. #Budget2024 #Taxes #Burdenoftaxes #Inflation

As the year comes to an end, familiarize yourself with the 2023-2024 tax brackets. 💰 For the money made in 2023, you will pay these rates in 2024. Did you know that each year, these brackets are adjusted to account for inflation? Source: www.nerdwallet.com Need help? Book a consultation with us! 👉 https://bit.ly/3qROZXY #Tampabaybookkeeping #Tampabaybusinesses #TrinityFLbusinesses

Long-term capital gains will now be taxed at 12.5%. It was 10% before. Short-term gains now taxable at 20%. Previously, it was 15%. Happy investing! And guess what? No changes in the 80C limit. It’s been almost 10 years since it was revised. Government be like - Inflation? What inflation? #unionbudget #taxes

With rising interest rates, inflation, and continuing market volatility, tax planning is essential. continue reading to find out strategies for individuals........https://bit.ly/3QTyuDV #taxplanning

Thanks to everyone who participated in yesterday's poll on future tax trends! The results are in, and a majority of you foresee tax increases in the coming decade. One key factor driving this sentiment is the U.S. national debt, which is rapidly approaching $35 trillion and growing by over $8 billion daily according to the US Debt Clock. This mounting debt raises concerns that tax hikes may be necessary to address the issue. Many argue that the escalating debt demands tax increases to boost government revenue and manage interest payments. However, there are differing viewpoints. Some suggest reducing government spending or implementing policies to stimulate economic growth as alternatives to tax hikes. Others propose tax policy reforms, such as closing loopholes and ensuring fair taxation, to aid in debt reduction efforts. The complexity of this issue highlights the absence of simple solutions. The future of taxes is likely to involve a combination of approaches. What are your thoughts on this matter? Do you believe raising taxes is the best path forward, or do you advocate for other viable solutions? Share your insights in the comments! #taxes #economy #USdebt https://lnkd.in/duEgiM9j

Are we paying more tax than we should be paying? Inflation is an economic reality that affects all of us. As prices rise, so do wages, ostensibly to help maintain our purchasing power. However, this increase in income, driven by inflation, often pushes individuals into higher tax brackets, resulting in a greater tax burden despite the nominal rise in earnings. Our current tax slabs, unchanged for years, do not reflect the economic shifts we are experiencing. This mismatch creates an unfair scenario where rising incomes, intended to counteract inflation, lead to disproportionately higher taxes. It’s high time we advocate for a revision in our tax slabs to align them with present-day economic conditions. Adjusting tax brackets to account for inflation would ensure a fairer tax system. This change would help protect the real incomes of individuals, preventing inflation from eroding their financial well-being through higher taxes. Policymakers need to consider these dynamics and implement reforms that support economic fairness and stability. #financeBudget2024 #taxation #Inflation #EconomicPolicy #FairTaxation #FinancialStability #personalfinance

#budget2024 Factor of inflation over the years is taken away and this may not be beneficial for properties held for longer time periods! Effectively, the tax will be levied on nominal gains over and above the real gains that accrue on sale of asset! So, #Inflation will get an opportunity to be taxed too?! Quite a move! Certainly welcome are abolition of the #angeltax, rationalization of #TDS rates including for e-com participants, changes sought to be brought in for reassessment proceedings among others. #tax #flash #update