Many years ago, the Teenager got her first experience with taxes. She had saved up some money for a desired toy, and when we got to the store and found her heart's desire on the shelf I had to break the news to her that she actually didn't have enough money because she'd also have to pay sales tax and she only had enough money for the toy itself. She attempted to take out a loan from the Bank of Mom (the loan request was denied, on the basis of insufficient income and lack of credit history), and the entire episode ended in the classic "It's NOT FAIR! Kids shouldn't have to pay TAX!".
This past week, in between finalizing Christmas shopping, spending some time with friends, finishing up work for the week, watching the hilariousness of "Christmas Vacation" with the Son of Never Stops Eating, and going to the dentist, I've been trying to figure out what this new tax bill means for me. It's not the easiest thing in the world because I can't seem to find any information that gives just the facts; everything is either "DOOM! You are DOOMED! Run for the hills!" or "This is the greatest gift to the Middle Class of America since the invention of the TV remote control and the drive-thru restaurant!".
One article I read said that this bill means an extra $900 a year for the middle class. OK, I can use an extra $900. If that's actually true, because another article said that basically I'd be sending it all in, except maybe a small allowance for bread and water, and gas money to get to work. Apparently there's an increase in the child tax credit, but that isn't really helpful when your children are 17 and 15. I suspect I am not the only person who really isn't sure what happened to me here.
If this bill was meant to alleviate the angst of the middle class, or at least my angst, it fails. First, I don't mind paying taxes that much- sure, I like money, but I also like things like free public K-12 education, roads (except toll roads; those suck), parks, clean water coming out of my tap, knowing that if I call 911 someone will show up to help, and a functioning system of law and order. I don't mind handing over some of my money so that other people can have a safe place to live or that schoolchildren can have a hot lunch. I definitely don't agree with everything my tax dollars go to, but I don't see my tax burden as my biggest problem.
I looked at my pay stub for my final pay period of 2017, and realized that I've paid as much in health insurance premiums as I have in federal tax. Once you factor in all those co-pays, and deductibles, and "you pay 15% of the plan allowance if you use a preferred provider for a medical emergency", some years I probably pay a lot more. One year I had my gallbladder out as emergency surgery, and the anesthesiologist wasn't a "preferred provider". You should have checked, I was told. Sure, as I'm being wheeled to the OR. Oh, you're not a provider on my insurance? I don't need anesthesia. How about you just give me a bottle of whiskey and knock me out with a hammer instead? That was a big bill. If you really want to do a girl a favor, address the cost of medical care.
Or, this year I did my first FAFSA for The Teenager. The end result of that was basically "This is how much you make? Send it in!". College tuition is a fast moving train headed in my direction. Evidently for the next four years I'm allowed to pay my mortgage, my utilities, and buy food, and supposedly everything else is available for tuition. Then I have to figure out how to provide for the Son of Never Stops Eating; having a special needs child adds a whole new dimension to your financial planning. Last week I went to a transition fair and heard a presentation from a swanky new "Autism adult community". Price tag: $5000. Per month. For years. We can scratch that one off the list. Believe me, I lay awake at night worried about this; I can't say that I've ever had tax-induced insomnia.
The Grandpa of No is looking at assisted living facilities for my mom. He's reported back that the costs are somewhere in the $5000 per month range (what is it with the $5000 per month?). Add that to the list of things to save for: old age. Somewhere in between paying for medical care, college tuition, the Son of Never Stop's Eating's financial planning, my homeowner's and auto insurance that goes up every year, and all the other expenses involved in the middle class experience, I probably need to come up with a several hundred thousand smackers or at least the premiums for two long-term care policies so the Teenager doesn't go bankrupt paying for our assisted living care.
I could save that $900 per year I'm supposedly getting back; at that rate, it would only take 66 years to save up for almost one year in Memory Acres or Loving Arms Long Term Care or wherever I end up.
So, forgive me if I'm personally not feeling like I was handed a huge Christmas gift by Congress Claus; It feels more like one of those candy canes that you put on your Christmas tree as a decoration but no one actually eats, so you end up either breaking it up in pieces and putting it in brownies or tossing it in the garbage can in early February.
Anyway, a Merry Christmas from the Household of No. I'm going to spend the next week eating fudge, watching Christmas Vacation, nagging teenagers, and hopefully getting some birding in. 2018 promises to be a year of excitement, challenges, and change.
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