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Tuesday, December 27, 2011

What's $40 Dollars To You?

As usual our employees in Washington D.C. are making a mess of everything. They can't even get it together to give us a meaningless tax break. The bottom line of this whole mess is that the average family will lose their $1000 tax cut if the Congress doesn't act by the end of the year. Why is it they always wait till the last minute to take care of these things? It's like my kid waiting till the last minute to do his homework.

The $1000 tax break comes down to $40 every two weeks. Is that such a big amount to get so worked up for? Well, the White House seems to think it is a big deal and they have set up a web site for you to chime in on what you think: www.whitehouse.gov/40dollars


It seems $40 every two weeks can amount to something over time. In 3 years it turns into $3,531. In 5 years it grows to $6,403. In ten years it grows to $15,951.

It seems $40 is a significant amount. Such a small amount invested every two weeks can have an interesting effect on your retirement needs.

Related Post: Investing 101: Index Funds

3 comments:

  1. SharonDecember 27, 2011 at 3:47 PM

    Dave,
    The problem is that this isn't really a tax cut at all. It is money that is being taken out of our social security bottomline. If we take it now, we won't have it later.

    It's all a farce, really. Time to fire the employees in Washington (all.of.them) and hire ones with intelligence.

    ReplyDelete
  2. David LetoDecember 27, 2011 at 4:00 PM

    They call it a tax cut by just letting us keep more of our own money.

    ReplyDelete
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