Saturday, January 29, 2011

Am I rich?

I'm doing my taxes today for 2010. There are all sorts of deductions. Well, except not for me.

Medical deductions? Nope. Not for me. I have to have $8000 or more of medical expenses before I can take the first penny.

Tuition deductions? Nope, they faded away even if I made only one third of my income. I paid $14,000 for tuition but none is deductible.

Casualty or Theft? Nope. Has to be more than 10% of "adjusted gross income". So, I had $6000 of loss last year but no deduction.

The list continues but you probably get the idea.

What bothers me isn't that I'm not getting any credit for these deductions. What bothers me is the general sense in this country that the tax system is for the rich. But reviewing the twenty five plus categories of possible deductions, all of them fade away before you get anywhere near the income needed to be considered rich.

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