Posted 5 years ago on Jan. 23, 2012, 4:41 p.m. EST by rods01
This content is user submitted and not an official statement
Dear Reader, Although I don’t understand all of the Occupy positions, the one that I’m in complete agreement with relates to the Monopoly on money by the big banks and the broad frustration expressed when these institutions continue to post record profits. I would like to share and promote a simple idea with you that I know would significantly level the playing field.
As I was reviewing the 2010 IRS Summary of Collections and Refunds (I’m a CPA) a light bulb went off in my head and I took a different view point than I had in the past. I’ve always been aware that a large percentage of individuals receive refunds upon filing their returns but I had never really contemplated the impact of shifting these massive overpayments into a determined and focused initiative of reducing individual debt. The fact is, 78% (111.7 m) of individuals overpay their taxes during the year to the tune of $324.1B; that’s $324,100,000,000. For example, this concept would be like buying a new computer that costs $1,000 and insisting that the seller take an additional $300 at the time of purchase; with the agreement that you would get the $300 back in a year. Here’s my point; the average consumer credit card rate is 16.7%, and if individuals would do a few hours of income tax planning every year they could use this additional $324.1B to pay down consumer debt. This obviously produces two outcomes: 1) Consumers save $54.1B a year on interest charges, and 2) Banks and credit card providers lose $54.1B a year on interest charges. This is HUGE!!!
Please help spread the word by forwarding this email to anyone you feel would take interest, and encourage them to put this plan into action. Then, and only then, will we see a monumental shift of power back to the people. Please call or email if you have any questions or need help with planning or income tax preparation.
Let’s get to work!
Rod Certified Public Accountant JuvoTax LLC Email: email@example.com Phone: 720-301-9640 Website: www.juvotax.com Address: P.O. Box 4703, Englewood, CO 80155