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Not sure about your question, OP, but this is the first year I'm doing taxes on a banking paycheck and I am flabbergasted at the paltry amount of money I am going to get in my refund. All year I looked at my withholding, and the amount withheld made me uneasy. Took comfort in the fact that I'd be getting some back at the end of the year. But no. I make too much for basically every single credit. Going to be giving the government more money than I spent to live last year. This is insane.
Not exactly wadtk - I'm talking about Alternative Minimum Tax (AMT) - which is a different way the IRS calculates your federal taxes. You cant deduct state income taxes or unreimbursed business expenses for starters...
Only fair boys.
Hmm? Really? Let's see.
1) Make $200k -> get taxed $60k 2) Be a good monkey and save $100k of the post-tax in savings (yes that's a relatively high savings rate, but come with me ANT...) 3) Make $1k of interest / investment income on your savings (just that $100k, damn rates suck now) 4) Spend $1,000 of interest income on goods and services.
Now, what was the full tax burden on that $900?
30% state + federal EFFECTIVE (not marginal) 30% again on the $1000
9% sales tax
$2,240 of gross income to spend $1000 (and get $910 of goods and services). That's 60% taxes total! How on earth is that fair? Don't throw Europe here either, because those governments give their citizens way more in terms of services. If I'm going to be taxed like a European I'd like the benefits of being one.
Don't worry man he was being sarcastic. TNA and I are probably the biggest small govt/small tax people on this board.
Welcome to the working world.....
My favorite was that the government stops letting you deduct student loans at a pretty low income level ($65k or $75k if I remember correctly). Not saying that this isn't a good salary to be making, but they aren't exactly rewarding success here.
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