Why does tax policy matter to me?

Here are 10 reasons why tax policy matters to the everyday American citizen:

1. Income and Wealth: Think taxes are going up or down? Tax policy determines how much of your income and wealth you get to keep after paying taxes. It affects your disposable income and your ability to save, invest, or spend as you see fit.
2. Standard of Living: Taxes fund government services like healthcare, education, infrastructure, and social safety nets. There have already been discussions about Social Security not being around by the time some people currently working reach retirement age.
3. Economic Growth: Tax policies influence economic growth by affecting business investment, job creation, and consumer spending. A well-designed tax system can lead to a more prosperous economy, which benefits everyone. We're still waiting on this, however...
4. Economic Stability: Tax policies play a crucial role in maintaining economic stability. 2022 was a rocky year and 2023 wasn't much better. The economy played a big role in that.
5. Incentives: Tax incentives and deductions can encourage behaviors such as homeownership, saving for retirement, or even starting your own business.
6. Education: Tax policies often fund public education. The quality and accessibility of education can shape the future opportunities for you and your family.
7. Healthcare: Taxes may also support healthcare programs and subsidies. Access to affordable healthcare is a critical concern for most citizens, and tax policies can impact the availability and affordability of healthcare services.
8. Retirement: Taxes can affect your retirement savings and benefits. Understanding how taxation works in retirement can help you plan for your financial future. Believe it or not, the current administration actually began a discussion about taxing capital gains while they were still unrealized (thankfully it didn't gain ground).
9. Government Accountability: As a citizen, you have the right to know how your tax dollars are being spent. Being informed about tax policies allows you to hold government officials accountable for their decisions. Scott, our guest, is an insider in DC and will give us great insight here.
10. Civic Engagement: Understanding tax policies can empower you to engage in the democratic process. You can vote for candidates who align with your views on taxation and advocate for changes that reflect your priorities with election season around the corner.

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