The Object Of The Game For An Agent Of The Resistance
I sometimes consider renaming this site Your Retired Tax Matters Partner. That is a sort of warning that despite the fact that everything becomes a tax issue eventually, some of the posts will have no discernible tax connection. This one is an example of that.
The Tax Hazards Of Whole Life Insurance Policies
A feature of the game of Monopoly is landing on a space where you get to draw a Community Chest Card. One of them has an image of Mr. Monopoly (formerly Rich Uncle Pennybags) who has a long beard and a cane and is bent with age. The card reads Life Insurance Matures Collect $100. It is sort of like he landed on the Community Chest square in the ghetto between Mediterranean and Baltic and rolled snake eyes on the next turn, which you and I both know puts you on Income Tax. Like many others he was taxed on capitalized interest in addition to the excess of his money out over his money in.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.