Looking back to 1993

Looking back to 1993

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 1993.  

1993 Big News Story

Waco Texas Branch Davidians Standoff

1993 saw the first World Trade Center bombing, in which six were killed and 1,000 were injured. Federal agents raided the Waco compound of Branch Davidian leader David Koresh, leading to the deaths of four agents and six Branch Davidians. 1993 also marked the debut of Beanie Babies and Intel’s Pentium processor.

Per Vox

For many people, Waco is a lurid story about a cult — a story that has lent itself to decades of sensationalist media coverage (and, recently, a television miniseries). It’s the story of a maniacal and apocalypse-minded cult leader, David Koresh, whose delusional stubbornness led to the deaths of 76 people. The 1993 media coverage of the Waco massacre — which depicted Koresh as a single-minded genius exerting power over his fellow Branch Davidians via mind control — has by now become the defining story of the siege. A 1993 Texas Monthly story captures this mentality well:

For 51 days federal agents camped outside the compound, paralyzed by their own ineptitude, while this notorious liar and con man was permitted to broadcast his incoherent message to the world. The authorities must have known that it was all a sham ... but Koresh had given them no choice. The feds were the hostages, the ones who were surrounded without hope. They kept assuring [the public] that they weren’t about to be drawn into a firefight, then permitted exactly that to happen. ... What happened at Mount Carmel was not suicide; it was Holy War. Just as Koresh had prophesied.

Media coverage almost uniformly referred to the Branch Davidians as a “cult” and was unsympathetic not just to Koresh but to his followers as well. A Newsweek article published during the ongoing siege, for example, uses as its closing kicker a quote from the estranged son of one Branch Davidian suggesting that the inhabitants of the Mount Carmel compound wanted to die: ”They are waiting to get zapped up to heaven where they’ll be transformed and fight a war where they get to kill all their enemies. ... The only people that may be sorry are the parents who had to let their children be released.”

The prevailing narrative, in other words, presumed that all inhabitants of the Branch Davidian community were crazy, and that therefore, any violent means used against them would be justified.

1993 by the Numbers

Economic Data from 1993

Grocery Prices from 1993

Personally, 1993 was the year that I had enough experience to earn my CPA license. Although I was a CPA in public accounting, the volume of audit work at Ernst and Young (EY) made it difficult to do my own taxes forget doing anyone else's taxes. 

Beyond my desire to do taxes, the financial and system partners at a big firm like that have there own priorities and did a really bad job of working together. Thus it quickly became clear that my asset of being strong in both finances and systems was becoming a liability to single minded partners with conflicting objectives. Neither side was willing to work with the other and they both wanted me full time. 

I was also thought that I never wanted to work for the big boring fortune 100 companies but I had to be sure and they were all very interested in someone with the integrated assets that I had developed. So I left Ernst and Young (EY) to become and integrated financial/systems auditor with McGraw-Hill. This is when I started doing taxes for people as a side hustle. 

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. 

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