Tax planning is the key to successfully and legally reducing your tax liability. Most people commonly overpay because they don’t know how to leverage the complicated U.S. tax code. That’s why Holistiq Tax Planning helps you to develop your own Strategic Tax G.P.S., which stands for Tax Guided Positioning Strategies. These strategies are designed to help you maximize your savings—and make the complexity of the tax code work for you.
DID YOU KNOW?
"You may not realize this, but it’s true: The tax laws are written to reduce your taxes, not to increase them. In the United States, for example, there are over 5,800 pages of tax law. Only about 30 pages are devoted to raising taxes. The remaining 5,770 pages are devoted entirely to reducing your taxes. In other words, 0.5 percent of the tax code is devoted to raising taxes, and the remaining 99.5 percent exists solely for the purpose of saving you money."
Wheelwright, Tom. “The Two Most Important Rules.” Tax-Free Wealth, 2nd ed., BZK Press, 2018, pp. 18–19.
What do your taxes pay for
A lesson about the U.S. Tax Code wouldn’t be complete without a bit of knowledge about what your taxes fund.
- 15 percent of all income taxes go to pay for defense.
- 24 percent of tax revenue pays for the Social Security system
- 26 percent of income tax revenue goes toward health care programs.
- 9 percent of income tax revenue on various programs that provide money for those in need.
- 6 percent takes care of national debt.
- 20 percent of spending goes to pay for numerous benefits for veterans and retirees.
The remaining goes to scientific and medical research, transportation and infrastructure spending, education, non-security international spending, and all other categories. All of this is detailed in the U.S. Tax Code or Title 26.
