In Focus

Show Me My Money!

Right now the hot topic seems to be taxes. Okay, taxes, social security reform, China, the Nasdaq, the release of the Chicks' new book... I guess it all depends on where your interests lie. But honestly, they're all important and they ALL affect each and every one of us. Personally, I take taxes pretty seriously because I have the weight of my pocketbook on my shoulders and have been concerned that it's a mere featherweight at best. It is disheartening to note the amount of money being sucked out by Uncle Sam with each and every paycheck. So whenever there is mention of a tax-cut, I automatically take notes. After all, I deserve to keep a little more of my money, don't I? Don't you?

Just like the many moves my family and I have made, the number of times the amount of income has declined has been... well... pretty sucky. Such is the life of a professional athlete, and professional athlete turned coach. So I feel confident as a taxpayer to get into discussions about understanding the implications of taxes on one's life. We have been in all tax brackets, folks, and no matter what you're making or who you are, you're always left scratching your head about where the money is really going and wouldn't it be best if it were your decision to make?

My husband and I are very charitable people. We spend a lot of volunteer time and money giving to charities we believe in. So please don't think that my desire to keep my money makes me a villain. But when you hear rumblings about White House hammers costing more than jewelry, haircuts on tarmacs that even zillionaires would scoff at, and traveling expenses wayyyyyy beyond what should be necessary, it makes me even more upset that I helped pay for it! And although I doubt the frivolous spending will stop entirely, I think the more I get to keep, the less they get to spend.

So let's outline some of the tax-cuts and budget plans being made right now. Most of the time we hear the bigger numbers being tossed around and don't really understand how they will affect our bank accounts. For instance, you had probably all heard about a proposed "1.6 trillion dollar tax-cut." Well, we all knew that would be a tough feat to accomplish, but somehow it's looking like we'll end up with a $1.3 trillion dollar tax-cut instead. Still pretty good. And incorporating that tax-cut with some various budget deals has left us with some pretty interesting results.

• $300 billion over 10 years for prescription drug benefits and Medicare reform
• $2 trillion toward Social Security, the national debt, and Medicare
• $66 billion reserved for farming programs
• $13 billion toward the hurting farming sector
• $100 billion in quick cuts or refunds over this year and next
• $1.25 trillion in additional cuts phased through 2011
• Across the board rate reductions
• Cuts on estate taxes
• Doubling the Child Tax Credit (Yippee!!)
• No More MARRIAGE PENALTY (Good grief, that one was ridiculous, wasn't it?)

See, I find this all very, very exciting. And I think part of my passion comes with the knowledge I have gained over the last few years with the Chicks. I often wonder what I could do with that little bit of extra money I might be able to stash away. I have learned so much that I know I could take whatever little bits and pieces I gain and make it worth my while. And while there are critics who claim that tax-cuts are just election-time popularity plans, I believe this move is not only good for me, it is good for the slowing economy.

The past few months the Chick's Eye View articles have showed a lot positives and a lot of negatives. And many of the negatives have centered on company cutbacks and layoffs. When the economy goes on a downward spiral, as it has, the corporate world slows down big time, and we are all affected. Also, the stock market has been causing a lot of stress to a lot of hard-working people out there, all afraid that they've lost their earnings for good. Well, history has shown that putting money back into the pockets of the consumer restores confidence and can rebound slumping economic times. Kinda like "if you build it, they will come" rephrased as "if they have it, they will spend." Pumping the money back to us will in turn have us pumping money back into the economy. It's a good thing!

At least to me it is. But I would remiss to neglect those out there who feel that taxes are justified, and fear that the cuts will have a negative impact on certain programs they'd like to see funded. I can agree with that line of thinking to some extent... but there is no way any budget can please all of the people all of the time. And the more of my own money I get to keep, the more I can truly put my money where my mouth is, using my spending dollars as investments in companies, charities, and programs I personally believe in.

So if you are one of the lucky recipients of a refund in the upcoming weeks, I hope you'll make the most of it. I hope you'll find ways to drop it into the economy and get this place dancing again. Wasn't it so much more fun when things were booming? Like Chick Karin talks about endlessly, it's all about taking control. I like the fact that to some degree, we're getting that opportunity here. Could it be that the White House is getting Chicky with it? (And not in the intern-type way?) Because when my refund comes in, I'm going to be doin' the funky chicken!