My annual federal taxes went up $4200 overnight!

[Anonymous]

Anonymous wrote:

I estimate that my taxes went up $25,000 overnight. $4,200 payroll tax, $16,000 with the marginal tax increases, $5,000+ with the reinstatement of PEP and Pease.

OP, not sure why you think your friend is lying.

Wow, 797k a year! You are rich!

Didn't say I wasn't. And I didn't complain, just stated a fact.

[jsteele]

Anonymous wrote:

Anonymous wrote:I estimate that my taxes went up $25,000 overnight. $4,200 payroll tax, $16,000 with the marginal tax increases, $5,000+ with the reinstatement of PEP and Pease.

OP, not sure why you think your friend is lying.

Yikes, I'm sorry for your increases!

I thought he was exaggerating because he's been posting these kinds of comments for a while, but whenever someone complained of increases on this site, Jeff shut them down by showing his calcs that it would only increase minimally except for extremely high HHI. I felt there was no way he made as much as I'd understood Jeff to show, but maybe I misunderstood what Jeff has been posting for the past few months. Thanks for the info, though!!

You are sort of mixing apples and oranges. I was discussing the changes to marginal tax rates that Obama was proposing. As a result of the bill just passed by Congress, marginal rates will only increase for dual incomes over $450,000 (or individual making over $400,00). Most posters in this thread are talking about the end of the payroll tax holiday. That is a separate issue. The payroll tax holiday is relatively recent and was never intended to last long. I think Obama would have liked to have extended it, but it was blocked by the Republicans and Democrats didn't put up much of a fight over it.

One point to make to any Republicans who are complaining about this. If you've ever heard someone say that "47% of Americans don't pay taxes" they were not counting payroll taxes as taxes (because that 47% does pay payroll taxes). Suddenly, payroll taxes appear to be taxes so I guess that percentage of non-taxpayers will have to be revised.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sure, I know how he feels, I'm in the same boat. But, considering I just had a $40k day in the market hopefully I'll find a way to manage my grossly unfair tax burden.

Hot damn. I was happy with my $7k today.

I was happy about my $2500 day!lol

Shows whose truly middle class and whose rich.lol

[Anonymous]

Anonymous wrote:I'm trying really hard not get pissy with my idiot family and friends. It's getting harder and harder every day. I used to be a moderate Republican. I can say now without hesitation that I have jumped ship. I will NEVER vote for another Republican again.

Really? I used to be a Democrat and now I've switched parties. All the Democrats want to do is spend spend spend. I doubt I'll ever vote for one again.

[Anonymous]

Agree! Where are any cuts?? I'm now a Republican.

[Anonymous]

Anonymous wrote:I estimate that my taxes went up $25,000 overnight. $4,200 payroll tax, $16,000 with the marginal tax increases, $5,000+ with the reinstatement of PEP and Pease.

OP, not sure why you think your friend is lying.

I think you forgot the Obamacare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought taxes were only being raised on wealthy - sorry, I know snark is coming, I have not been reading that closely. Will that affect someone who makes only 45k? What about less? Thanks

If you make $45,000 in wages, you'll pay $900 more in payroll taxes this year than you did in the previous two years.

Some will argue, rightly, that you never really should have viewed that $900 tax break for the previous two years as a permanent benefit since it was always intended to be a temporary economic stimulus measure to help boost the economy.

I did not agree with the payroll tax cut/holiday or whatever you care to call it. Anything related to social security, flood insurance, medicare should be underwritten as if it done by a real insurance company. Think of social security as a disability income policy.