I've been staying out of the Political topics for a while, but I saw this one and couldn't pass without a post to let the folks here know that taxes are going up on everyone here who earns a paycheck.
We are all going to be paying (a minimum of) 2% more in taxes starting Jan. 1 on your net income, not your Adjusted Gross Income and get this - it is only on the first $113,700 you earn individually. That's right, high income earners will pay less additional tax as a percentage than everyone else. You make $50K? Fork over another $1,000. Starting to make a good living and earn $100K? That'll be another $2,000, thanks. Things really starting to go well and you are making $150K? Your tax bill will go up $2,274, as will the tax bill for anyone making over 113.7K. $250K, $1Million, it doesn't matter, your individual tax bill will only go up $2,274. Of course, if you earn that much and so does your spouse, you'll both pay that much extra.
Those of you who have been paying attention will recognize that this is the expiration of the temporary 2% OASDI rate reduction that took effect in 2010 to make Obama look like a tax cutter. Well, the dirty little secret in DC is that nobody is talking about extending this rate reduction (you really didn't think it was going to last forever, did you?) so you better get ready and adjust that budget, tighten that belt another notch, cause here it comes - the first of many, I'm sure...
Just a Shooter
