I know that part of taxes is that they can’t tax what you don’t make.
But, at the same time, I got a sinking feeling in the pit of my stomach when I saw how much we were going to owe for taxes this year. Last year I sold all my shares in UBS to pay our taxes (and yes, for the pedants, this is a mild capital gain impact for FY2006). I don’t own nearly enough of my current employer to pay for our sins this year.
The other way I can think about it is that this will in one fell swoop eat every dollar we’ve tucked away on a monthly basis into our investment account, for the last two years. Returns on that investment account in the last two years? Sort of irrelevant now. All gone now.
Last year the accountant said that the mortgage interest would probably eat up the tax burden, so I wasn’t as prepared this time around for what came. Sort of puts a dark cloud on my trip this weekend.