A Silver Lining on Tax Day

Last month I gave you a sneak peek at how my taxes were shaping up, as a proxy for how many wealthy Americans' tax numbers will generally shake out. My basic contention was this - the financial crisis may have hit in 2008, but the impact for tax purposes falls into 2009, and the revenue shortfall is going to be a whopper. Well, the final tally is in and I am paying about 45% less in taxes than I did last year. How did I achieve this feat? Capital losses mostly, reduced dividends and interest income as well, and, of course, redlining the Obama Era Tax Avoidance Machine's tachometer. Plutocrat that I am, I am tapped into the circles of wealth and power and what I am hearing from my well-healed cohorts is that everybody seems to be writing a smaller check to Uncle Sammy this year. (BTW, I have not yet heard one of my rich liberal friends complain that they are paying less taxes...'nough said.)

So get ready for a deficit blowout when this state of affairs show up in the stats. Frankly, although it is a relatively artificial trough, it couldn't come at a better time. The shocking fiscal hole that will emerge will only serve to fuel the considerably large and growing anger over our government's profligacy just in time for elections.

UPDATE: I was right, it's not just me, although I would have liked this result!