Looking back to 1974
We look forward not back
Does your accountant seem obsessed with last year? If you want to legally pay less in taxes, you need a professional who looks forward. Relax Tax helps our clients focus on planning for a better future, and not the past. If we want to look back at anything, we thought it might be fun let our blog look back at what we learned in the last 50 plus years. You can get a FREE COPY of the entire guide at back.relaxtax.com. Now lets take a look at 1974.
1974 Big News Story
Richard Nixon Resigns
Recession struck again throughout 1974, with an extended decline that actually began the prior year and lasted all the way until March 1975. Despite the economic slowdown, home prices proved surprisingly resilient, jumping to a median of $29,756 ($156,550 with inflation). Perhaps the most notable moment of this year came when Richard Nixon resigned from the presidency.
In an evening televised address on August 8, 1974, President Richard M. Nixon announces his intention to become the first president in American history to resign. With impeachment proceedings underway against him for his involvement in the Watergate affair, Nixon was finally bowing to pressure from the public and Congress to leave the White House.
“By taking this action,” he said in a solemn address from the Oval Office, “I hope that I will have hastened the start of the process of healing which is so desperately needed in America.”
READ MORE: The Watergate Scandal: A Timeline
Just before noon the next day, Nixon officially ended his term as the 37th president of the United States. Before departing with his family in a helicopter from the White House lawn, he smiled farewell and enigmatically raised his arms in a victory or peace salute. The helicopter door was then closed, and the Nixon family began their journey home to San Clemente, California. Minutes later, Vice President Gerald R. Ford was sworn in as the 38th president of the United States in the East Room of the White House.
After taking the oath of office, President Ford spoke to the nation in a television address, declaring, “My fellow Americans, our long national nightmare is over.” He later pardoned Nixon for any crimes he may have committed while in office, explaining that he wanted to end the national divisions created by the Watergate scandal.
1974 by the Numbers
Economic Data from 1974
Grocery Prices from 1974
Personally, I have few memories from 1974. Growing up in this era my only real knowledge of Nixon was his resignation. But when I compare to now, I seriously doubt he would have resigned today. What do you think? I guess "it depends on what the meaning of the word 'is' is."
A tax return is just a historical record of what happen financially in the previous year. If you don't think about your taxes until you start receiving your tax forms, then it is already too late. Click Here to schedule your risk free tax planning session.
If your tax preparer isn't doing tax planning with you, then you have the wrong tax preparer. If you do your taxes yourself with software and just "tweak" the numbers till you get the numbers where you want them then you should read our blog post on what could be in store.