I’ve been watching all the tax cut coverage over the last month or so and was actually surprised that they came up with a compromise. A compromise that I think is a pathetic cop out from all parties involved. Farm animals could have completed that deal so it’s not quite what I would like to expect from my politicians. I better stop at that so as not to take this down a political path.
After all was said and done, my family actually faired pretty well from all the tax cuts. Whether I like it or not, it doesn’t change the fact that I will benefit from it. The most notable impact to our budget for 2011 will be an over $200 per month increase to our take home pay thanks to the reduction in social security taxes. That’s a nice increase. I’m torn about getting this tax break so it’s safe to say I’m not ultra excited about it. We may opt to put some of it in to our daughter’s 529 account and then donate the rest to a charity such as a food bank. Since there are millions and millions of people out there using food banks, I’m sure they could use the extra cash.
Needless to say, I think we’ve got a long road ahead for our country and I shudder every time I look at the massive deficits we are running. I think our country needs some good advice from a Financial Planner.