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I sometimes think the tax "complainers" are actually bragging about their income under the guise of complaining about their taxes.
I have no such faith in public intelligence. There are so many people who incorrectly think that earning more money pushing them into the next bracket means that all of their money is taxed at a higher rate.
In my working days, my foreman used to say----------" when my wife and I complain how big a check we write for taxes plus with holding, I say we're sitting pretty darn good !"
I sometimes think the tax "complainers" are actually bragging about their income under the guise of complaining about their taxes.
No, I'm not bragging, I'm whining.
I'll admit, I was fortunate with some stock and that's why I have such a high tax bill, but considering we'll be wiring a 6 figure amount for cash to close on a house next month in addition to writing Uncle Sam a 5 figure check, I want your sympathy. (j/k)
There are about 180 deductions or credits that are income limited, so if your income rises above say $150,000, you lose a lot and the marginal rate is a lot higher than the change to the next tax bracket.
I thought making the max contribution to your Roth IRA is supposed to be a tax benefit? That is why we do it! Our medical costs were greater than 7.5 % of our income so that also helped a little.
the amount we are short this year is twice what it was last year and I thought we would owe less since we made less. I am still hoping I am wrong. The government already takes enough of my money to use for the wrong things!
We are contributing to Roth IRA's. I switched from a Traditional to a Roth in 12 and the Roth my husband opened is new all together. I wonder is that is part of the problem?
Thanks for your thoughts everyone!
Roth IRAs are for after tax money. The money is not taxed upon appropriate withdrawal. It does not benefit you by resulting in a deduction when you put money in, rather when you take it out. Traditional iras are the opposite.
You know Obamaka raised tax, right?
Btw, I have been using TaxCut for several years by now. Always gives me best final number.Cherry on top of sundae - they sent me FREE program this year. As in - F-R-E-E. No cost to me, no cost to e-file.
Actually the democrats are the only reason the tax credit lasted another year. Republicans are the ones that didn't want that extended. It was also never meant to be anything but temporary.
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