Looking back to 1985
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 1985.
1985 Big News Story
Mikhail Gorbachev assumed the leadership of the USSR
The U.S. economy continued to hum in 1985, with home prices rising to $70,642. “We Are the World” was recorded, featuring a host of international superstars, and the Titanic was discovered at the bottom of the ocean. The Geneva Summit saw President Ronald Reagan and Soviet leader Mikhail Gorbachev shaking hands in the midst of Cold War tensions.
The BBC's Steve Rosenberg in Moscow was given a rare interview with him, 25 years after the USSR's demise.
Mikhail Gorbachev, 85, has been having health problems. But his sense of humour is indestructible.
When we meet he points to his walking stick. "Look", he says, "now I need three legs to get around!"
Mr Gorbachev agreed to talk to me about the moment the world changed: the day the Soviet superpower fell apart.
"What happened to the USSR was my drama," he tells me. "And a drama for everyone who lived in the Soviet Union."
'It was a coup'
On 21 December 1991, the evening news bulletin on Russian TV began with a dramatic announcement: "Good evening. This is the news. The USSR no longer exists…"
A few days earlier, the leaders of Russia, Belorussia and Ukraine had met to dissolve the Soviet Union and form a Commonwealth of Independent States. Now, eight other Soviet republics had decided to join them.
Together they had defied Mikhail Gorbachev: the Soviet leader had been struggling to keep the republics together in a single state.
"Behind our backs there was treachery. Behind my back," Mr Gorbachev tells me. "They were burning down the whole house just to light a cigarette. Just to get power. They couldn't get it through democratic means. So they committed a crime. It was a coup."
1985 by the Numbers
Economic Data from 1985
Grocery Prices from 1985
Personally, in 1985, I remember the back and forth with Regan and Gorbachev, but my world then was a little more pre-occupied with things a lot more local. in 1985 I started every game on Immaculata High Schools only back to back State Championship football team. The big memory for people involved with IHS at that time was the state final game. Our team came back from a 21-0 at halftime to win the game 29-21. Those type of moments help to shape you and your memories.
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.