What was the hardest part of this election cycle for you?

[peggyfromwastate]

Why wasn't this aspect highlighted in the election? The tax increases on everyone? Even with these brackets, I think it's close to 50% who pay no taxes bc of deductions and what not. I can not rid my mind of the people highlighted on local DC news going on a rampage about a business that was processing their tax refund checks and taking a fee to do so. The fee was too high but not out of the range of normal paycheck advance fees--- too High but people are asking for a loan. So anyway the people who pay no taxes and are getting tgeir refund were furious that A) they had to wait in line and B) the refund people were taking a cut and C) they were owed this money from the government. It was their money.

Yeah I'm guessing taxes will go up and up from here on out, as will gas prices, energy prices, food, etc etc.

It's going to get ugly out there and a lot of people will be suffering.

Just wait until they see how the higher base tax rate (15%) affects the amount they get in the tax refund check. Come rebate check there will be hell to pay... But the republicans will be blamed.

[SoonerTexan]

Ooo I have one more. I don't like how the electoral college and resulting swing state setup allows relatively minor issues and interests groups to become such big players. Was the auto industry really the issue we needed to be talking about? And in the end, it was called before Ohio was in anyway!

[diggitydot]

Everybody pays taxes of some kind, whether at the federal level or not. Statistically speaking, the poorest tend to pay the highest percentages of their income to various taxes, even if they don't make enough to pay federal income taxes.

[moonlight]

If all goes well with our move we should shake out ok if our taxes are going up 2K per year. That's just about our pay raise for the next training year. I guess we won't see much of a change in our budget. We don't have big ticket bills like private catholic school or services so we don't really have anything to cut in that area. For next year, it will be a matter of finding a rental for a bit less rather than at the top of our housing budget. Is there a link to exactly how much my taxes would go up next year or it sort of a guess at this point?

[niener]

And this is why increased taxes are part of what destroys an economy. I really don't think most people realize how hard this change will be for the average family making $40k. Decreasing take-home pay by about $2k/year is huge especially when costs will increase. Most people just don't have that kind of wiggle room in their budget.

I don't think the rate changes for most people in the 15% bracket, except for those who are currently in the 10% that are getting merged with the 15%. We'll still pay 15% which is what we pay now. The impact on us is the potential lowering of the cutoff in the 15% bracket from around $70k to around $60k (for MFJ). Let's say for instance our base household income is $60k and DH has an opportunity to make another $5k moonlighting. Well at $60k, our 15% tax rate puts our burden at $9k. But at $65k, a 28% tax rate doubles that to $18,500. He'd be better off not moonlighting.

[Sheherezade]

Isn't the increased tax only on the dollars you make above the income amount in each bracket? So for the first 60K, you are charged the 15% (60K at 15% = $9000) then the additional 5K from moonlighting would be charged in the next bracket (28% of 5 K an additional $1400) so your total bill would be 10,400 for the year? I think the whole amount doesn't jump in to the next bracket to make it 18,500.

[weeniegeniewife]

I am installing some new flooring in my clinic and met with the flooring guy yesterday to do measurements. He asked me if I was happy with the outcome of the election and who I voted for. I then asked him if he was happy with the outcome, and he admitted that no he was not, and he voted for Romney. He then told me that he was with another customer earlier that morning who asked him who he voted for, and when he told her, she "called me a racist and told me to get the fuck out of her house." I was floored!!! WTH??? Poor guy. The bullying that has occurred, with kids and adults alike, this election season, has really been awful. Can't we all just get along, regardless of our beliefs?? Sheesh!

[diggitydot]

Isn't the increased tax only on the dollars you make above the income amount in each bracket? So for the first 60K, you are charged the 15% (60K at 15% = $9000) then the additional 5K from moonlighting would be charged in the next bracket (28% of 5 K an additional $1400) so your total bill would be 10,400 for the year? I think the whole amount doesn't jump in to the next bracket to make it 18,500.

I believe you are correct, but I need to double check.

[Pollyanna]

I am installing some new flooring in my clinic and met with the flooring guy yesterday to do measurements. He asked me if I was happy with the outcome of the election and who I voted for. I then asked him if he was happy with the outcome, and he admitted that no he was not, and he voted for Romney. He then told me that he was with another customer earlier that morning who asked him who he voted for, and when he told her, she "called me a racist and told me to get the fuck out of her house." I was floored!!! WTH??? Poor guy. The bullying that has occurred, with kids and adults alike, this election season, has really been awful. Can't we all just get along, regardless of our beliefs?? Sheesh!

My mom had to see a plastic surgeon yesterday (spider bite on her eye, long story). The surgeon was a woman and she asked my mom if she was happy about the election. My mom said, "no, I'm really not". The surgeon said, "well, what did you want, me to forced back into the kitchen barefoot and pregnant"? Professionalism at it's finest

[Chrisada]

GMW- Pickleball is a cross between tennis and racquetball dominated by old men. They dragged us young moms into play awhile ago and we're hooked. I even have a Pickleball paddle. It's serious.

[niener]

Isn't the increased tax only on the dollars you make above the income amount in each bracket? So for the first 60K, you are charged the 15% (60K at 15% = $9000) then the additional 5K from moonlighting would be charged in the next bracket (28% of 5 K an additional $1400) so your total bill would be 10,400 for the year? I think the whole amount doesn't jump in to the next bracket to make it 18,500.

Mmm, that would make a lot more sense.

[PrincessFiona]

Our accountant ran the numbers for us. It will affect out bottom line quite a bit. That's all I know.

[Sheherezade]

The more you make over the current top bracket, the worse it will be -- because all that value will now be at a new higher rate. I'd love it if they decided to only raise rates for those over $500 K --- if only because we'd be below the hit and avoid any changes altogether.

There is a second tax hit coming though which is unrelated to the tax rates; it's the payroll tax holiday that is ending also at year's end. They had reduced those to help stimulate the economy but had only extended it year to year, I think. I don't think they plan to extend it again and that will now kick in the SS and Medicare taxes again at higher rates.

[weeniegeniewife]

The more you make over the current top bracket, the worse it will be -- because all that value will now be at a new higher rate. I'd love it if they decided to only raise rates for those over $500 K --- if only because we'd be below the hit and avoid any changes altogether.

Noooo! This would affect us.

[Sheherezade]

A million? LOL Do I hear a million??