12/28/09 — Tax man cometh: Will there be any money left after Uncle Sam takes his cut?

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Tax man cometh: Will there be any money left after Uncle Sam takes his cut?

It is that time of year again, when a property owner's thoughts turn to his or her looming tax bill.

And with the county revaluation on the horizon, once again there could be some local property owners who will find themselves looking for more money than usual to pay their bills.

And that is just the tip of the iceberg.

While there might be some federal income tax breaks this year, those tax cuts could be on the chopping block in the near future as the federal government tries to figure out how it is going to pay for the looming health care package.

And for those who are with sin, look out -- there is talk of a "tax" of sorts for those who make unhealthy life choices -- including those who are overweight.

And at the state level, there will be higher bills for some state residents -- and those increases could adversely impact some local small businesses as well.

All in all, this coming year will require most of us to keep a pretty close watch on our money.

The reason so many people are so concerned about the new bevy of government programs, bailouts and loans is that the money has to come from somewhere.

And while we might not want to see a bank fail and we might want to make it possible for more people to secure housing, those programs come with a cost.

And judging by the recent news about the number of cheats in the health care system already, we should be concerned that looser requirements will cause issues there as well. And that will be expensive.

There's not much that can be done about 2009 -- it is a done deal. But perhaps our 2010 resolutions should include: Keep a sharp eye out for anything that will take more money out of our pockets.

Published in Editorials on December 28, 2009 11:18 AM