In a Capitalist Society an individual’s Financial Narrative is Utmost. Comparing year to year and decade to decade of Income Information fleshes out this Financial story. Annual 1040- Tax filing documents report earned Income and the amount of Taxes Paid on that income. With all this talk of taxes, I decided to analyze mine- a lower middleclass income.
In Florida a middle class income is $46,036, within a range of $30,691 to $92,072 depending on whether you are in Milton or Miami. Tampa Bay falls within a 45 to 50k range- I come up just shy both these bench marks, give or take 5k up or down-ish (vague enough for HIPPA laws?). In 2015, my Income supported a Household of Two. I Paid $5,500.00 in Taxes, amounting to 14% of my “taxable income”. Modest living expenses were met for all the basics; the roof over our heads, the food in our stomachs, the doctor to heal us and the car to get us around. After Income, Social Security and Medicare taxes- adding in modest living expenses – Healthcare , Auto and Insurance funding and I was left with roughly $6.00 a week. This financial chapter was turning into the plot of The Poseidon Adventure– heading toward a tsunami about to sink. Categorizing me as too rich to be poor & too poor to be rich. Stuck hanging in the middle.
What was I thinking as I explored my Financial Narrative? I am Bankrupt. I’m currently working on my 2016 chapter (Chapter 7 actually). It started out gloomy, but the light has begun to shine down that long dark tunnel. By tightening the budget, through a good austerity program and the US Bankruptcy codes, I am debit free and on my first-steps to re-writing my credit story. That chronical begins with my new Camry, my White Wolf. She is only mine for a year. 12 months of on-time payments will enshrine a full year of payment history to my credit report enabling me to trade the Toyota for a new loan… I mean car for next Christmas. I’ll be able to upgrade the 2013 to a 16 as I smartly rebuild my credit score. It is long overdue for this type of in-depth analysis of each Presidential candidate’s tax returns. The 1040 is all that’s needed, its the summary. That two-sided document holds all the detail need for reported Income and Taxes paid to the IRS. Oh and by the way, I’ll need to see the last 10 years before I decide my vote!