Ryan

Borrowing from Myself

Yes, the American Recovery and Reinvestment Act went into effect in 2009 and my personal evaluation of it is that it was just giving me more take home money so I could pay more in the end.

Essentially, borrowing from myself.

The marginal tax rates, however, have really not changed–meaning that instead of owing my usual about $400 at the end of the year, I owe about $900.

So much for that.

In order for me to pay my taxes this year, I considered several possibilities, even selling off some stock. Instead, I’m dipping into savings I don’t like to dip into to pay for these. And after the taxes are paid I’ll be repaying that account $150 a paycheck until it’s replenished.

What a shell game this year’s taxes are, with the end result being I’m borrowing money from myself to pay back money I originally borrowed from myself.

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