Tax Caution For Employee Drivers

Of course a tax professional is going to tell you it's more confusing than ever ... They want you scare you into using thier services.

 

Ding ding! My exact story.......

 

Before OC, major eye surgeries, $30 K in bills, paid $4,500 out of pocket.
After OC, major eye surgeries, $40K in bills, paid 3K out of pocket.
After OC, DVT's, $70K in bills, nothing out of pocket (hit max).

It all just depends on the plans you have or had. The moral of the story is that you can't be without insurance, because the medical bills will bankrupt you. One of my eye procedures was billed at $1,000, the insurance settled it for $110. In other words, if you're not insured, you are paying retail, and retail is as much as 10 times the going rate...... And they will insist on taking it out of your hide....

 

But his majesty just gave you a tax cut......

 

And we’ll pay for all that with growth........right.

 

There's a whole section in Economics about "optimum" taxation levels. In a nutshell, if you increase tax rates too far, revenue actually decreases. Which is what we have seen, particularly in corporate tax rates.

By retracting rates back below that "optimization" threshold, yes, total revenues for the government will grow AND the economy will grow more. @STexan is exactly right by pointing out that the growth since 2008 has been lower than any similar recovery from such a low. Usually, such deep recessions are followed by a gang buster recovery.

Combine that with the "lost decade" of the 2000's with niggardly growth, and the conclusion is inevitable that taxation rates (again, especially for corporations) exceeded the point to where they were holding growth back.