So.. how much did your taxes go up this year??

[oldfart]

Local taxes, increase of ~400.. State taxes, increase of $800, higher rate... Federal taxes are the rest.. looks like rate increase as well except for about $700 less in deductions this year (less mortgage interest).. though I did get $300 credit for energy efficient furnace being installed.. also additional medicare tax of 0.9% on income over 2000K

The additional 0.9% medicare tax for married filing jointly income > 250k (righteous bucks!) which would be the majority of the tax increase you have.

Assuming your joint income is 250k (I have no idea) you are in a 33% tax bracket, so the feds would have taken (6000 raise + 700 deduction loss) = 6700 * .33 = $2,211 of your $6000 raise for fed taxes.

So of your $6000 raise you have:
$2,211 fed taxes @ 33% w/$700 more income from less deduction
$2,250 medicare tax 0.9%
$400 increase local
$800 increase state

What did I miss? Seems like they would have taken $5,661 of your raise.

You missed that the increased state & local income taxes and property taxes are itemized deductions, so C.P. itemized deductions should have gone up $500 rather than down $700. At 250k on a married joint return you are also on the cusp for Pease and PEP. And finally it matters what the composition of income is; capital gains rates have increased from 15% max to 20% and investment income can be subject to an additional tax.

 

[andy753]

My taxes went down! hahaha I don't blame congress, Obama, the Fed, or the boogie man. I got married, and my wife makes less than me. I make roughly $70k and my wife makes about $25k. We file jointly so it took the taxes down a little.

Dont' even ask me to explain, that's just what my accountant told me.

 

[Toro]

$3k-$4k off the top thus far. We'll see next tax season.

Our taxes went up a ton. We have less discretionary income to spend locally because Washington DC and Sacramento are hoovering it up.

Thanks Big Government!

I go to California and meet rich people who complain about their taxes. I tell them to come to Florida because we don't think they're the enemy.

 

[Politico]

And i personally do not care if someone's income was 2M or 20K.. if there was a 6K increase and more than 1/2 of that increase went to taxes, it is bullshit

I do notice that you had no qualms about accepting that $300 tax credit. Guess you probably won't get that credit next year. Point is, there are all kinds of things that make a person's tax situation different from one year to the next. Simply saying that you had $6,000 more income and $3,000 went to taxes does not really tell us anything meaningful to your tax situation last year, and your tax situation this year.

Despite Zeke's juvenile outburst and his mathematical inaccuracy, he does actually have a point. You're over $200,000 in income, and complaining about a $3,000 increase in your gross taxes this year. That's less than .02% of your income. Your difference in tax this year is because you have a different tax situation this year from last year, and while that might be somewhat unfortunate for you, you're not exactly going to starve either. Your problem kinda goes at the bottom of the list of problems facing our country.

I will take under law what I can... as there are many who do not pay at all... All the while I still support a no exemption, no exception, no ceiling, no floor flat income tax on every dollar earned by every citizen..

I still paid the tax as last year.. the increased wages were taxed at OVER a 50% rate.. NOBODY should be taxed on any income that much

Unequal treatment in taxation and government overspending are indeed the most pressing problems in this country today

Exactly. I am against any deductions. But as long as they are there you should take them.

And just for the record. There is no 50% tax rate.