You can find out what your personal tax impact will be if we carom off the cliff by goin' here. Just for grins and giggles I ran some numbers, and here they are:
The interesting thang? The increase in tax on my retirement income isn't all that much, percentage-wise, as opposed to the percentage increase I'd feel were I still working. In other words... there's not a whole helluva lot o' difference and I find that kinda-sorta astounding, considering my annual income today is about 25% of what I made while I was working.
Regular Income Tax After Credits $3,639 $5,022
(Based on my current retired income)
Regular Income Tax After Credits $24,580 $27,368
(Based on my income in 2002, while working)The first number is tax under current law, the second number is tax when or if current law expires and nothing is done.
PLUS AMT (in Former Happy Days)!
AMT liability (in addition to regular tax liability) $0 $1,576
The interesting thang? The increase in tax on my retirement income isn't all that much, percentage-wise, as opposed to the percentage increase I'd feel were I still working. In other words... there's not a whole helluva lot o' difference and I find that kinda-sorta astounding, considering my annual income today is about 25% of what I made while I was working.
I've given-up understanding Washington. We tried to make Iraq another state and failed, and it looks like Afghanistan won't be a state either.
ReplyDeleteThere goes a few trillion down the drain. We never raised taxes when we invaded and sent in the occupation forces.
I wouldn't mind a huge tax increase if it did anything to the debt.
Harry and Obama think 1.6 trillion more taxes will help. Hell, we spend that in a year just on farm and energy subsidies. It'd be like dropping a quarter in the salvation army kettle.
I wouldn't mind a huge tax increase if it did anything to the debt.
DeleteI'm kinda-sorta with ya on that. But those asshats would NOT take the debt down, they'd just dream up more ways to piss the money away.
I am not impressed with the self protecting BS the politicians are doing.
ReplyDeleteThose ass weasels are only concerned about themselves.
Have any of them actually had to earn a living?
No response to this rant is necessary because I am just venting.
OK, I won't respond. ;-)
DeleteI didn't use the calculator provided at the link (don't have all the financials at my fingertips at present) but I already know that with our combined income, The Oracle and I will likely be hit with an additional 7%-8.5% in taxes. When I did some rough calculations of my own and showed them to The Oracle, he asked if it was the monthly increase. When I told him it was actually the WEEKLY increase, I thought I should probably provide a bucket for the poor man. I am - scared.
ReplyDeleteYou'll get through, Kris. We all will, even if we're NOT happy about it.
DeleteTime for that great caped crusader "Hostileman" to make a re-appearance.. (h/t Jules Feiffer & Playboy--'64-'69)
ReplyDeletePS: For the uninitiated, the alter-ego champion of all mild-mannered otherwise helpless types tired of being pushed around...a perfect hero for our time...lol
ReplyDelete(PPS: My permanent pissed-off mental status..."hostile, mobile and agile"....sort of, lol)
Hostileman was my hero, once upon a time.
Delete"sort of"--the agile bit, I mean, lol.
ReplyDeleteSigned: Slowly fossilizing..
I HEAR that. Loud 'n' clear.
Delete