ONTD Political

WSJ: How Much Will Your Taxes Jump?

4:01 pm - 01/15/2013

In the nick of time, and amid much political drama, Congress passed the American Taxpayer Relief Act on New Year's Day—averting massive tax increases for nearly all earners that were slated to take effect Jan. 1


Even so, millions of people soon will feel something less than relief from the new law.

While the top 1% of taxpayers will bear the biggest burden, many other families, affluent and poor, will pay more as well.

The most immediate change affects nearly all workers: Congress allowed a two-percentage-point cut for the employee portion of the Social Security tax to expire. As a result, each will owe up to $2,425 more in payroll tax this year than in 2012.

Beyond that, the new law's effects will be highly individualized—and in some cases highly painful.

"Many affluent people in exactly the same financial position as last year will see a substantial tax increase," says David Kautter, a director of the Kogod Tax Center at American University.

Back-Door Tax Increases

At first glance the law appears simple. In terms of income tax, for example, only the highest tax rate in 2012—the 35% bracket—will increase in 2013, to 39.6%. And that applies only to individuals with at least $400,000 of taxable income or couples with at least $450,000.

But there are two backdoor tax increases that will apply to people earning far less—$250,000 for singles and $300,000 for couples...

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More at the   Source   but I had to post this photo... I seriously can't tell if this is supposed to be satire or not. Those example couples are jaw-dropping. 
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lickety_split 16th-Jan-2013 12:49 am (UTC)
Am I supposed to feel sorry for these people making six-figures or something?
miischelle 16th-Jan-2013 01:50 am (UTC)
srsly.
squeeful 16th-Jan-2013 12:55 am (UTC)
All the bawww. Screw you, I'm struggling to make in total half of what these people pay in taxes.

The 'families with children are white' and 'oh look, the black people are the only ones not seeing a tax increase' is kind of skeevy.
muppetfromhell 16th-Jan-2013 01:12 am (UTC)
I didn't even notice that at first. Ugh
dhamphir 16th-Jan-2013 12:56 am (UTC)
So people making a quarter of million dollars have to pay a little bit more? Boo Fuckin Hoo.


ETA:

"many other families, affluent and poor, will pay more as well."

There are NO families in those examples that are poor! So FUCK YOU SIDEWAYS!


Edited at 2013-01-16 12:59 am (UTC)
vulturoso 16th-Jan-2013 01:02 am (UTC)
I looked at each example at least twice to see which was closest to my earnings and marital status. Would you believe that none of these applied, because I make a staggering amount less than over one hundred goddamned thousand dollars a year?
muppetfromhell 16th-Jan-2013 01:11 am (UTC)
I believe the lowest bracket there is in the top 3% still ugh.
vulturoso 16th-Jan-2013 01:04 am (UTC)
OP: Your source doesn't work. :(
muppetfromhell 16th-Jan-2013 01:06 am (UTC)
Whoops. There's an extra http://. I'll fix it. Thanks!
pamelalillian 16th-Jan-2013 01:23 am (UTC)
lol the examples, i am shedding tears for them
lickety_split 16th-Jan-2013 01:31 am (UTC)
ayashi 16th-Jan-2013 01:32 am (UTC)
Lol wtf. My husband and I both have pretty good jobs (both web developers) and we COMBINED don't make as much as these single people. Like... what?
omimouse 16th-Jan-2013 01:39 am (UTC)
This year was a really good year for us; I think we managed almost $30K. So yeah, the lowest income up there is so far above what we make in a year as to be fantasy levels of wealth.
magenta_girl 16th-Jan-2013 01:43 am (UTC)
Where is my tiny violin for these hypothetical people? I resent people with that much investment income, frankly. I'm GLAD they have to pay more taxes. And if I had investment income I'd be happy to pay more in taxes.
ayashi 16th-Jan-2013 01:44 am (UTC)
Oh man, they have an interactive graphic at the source too but it totally skips income levels of 40k - 150k and then again to 300-something. >_>
ohmiya_sg 16th-Jan-2013 01:51 am (UTC)
A single mom making $260,000? Not exactly tearing up here.
mary_pickforded 16th-Jan-2013 01:56 am (UTC)
I really don't look forward to paying federal taxes. yikes.
keeperofthekeys 16th-Jan-2013 02:08 am (UTC)
Status: Single parent, two children
Income:$260,000


I...just...wat.

I just don't even know what that graphic is even trying to do. Certainly not relate to people. Well, maybe WSJ readers.
romp 16th-Jan-2013 02:45 am (UTC)
I've never met a single mother who makes half that much. Maybe a couple who make a quarter of that. Maybe.

Absurd.
dragonflyxwings 16th-Jan-2013 02:12 am (UTC)
Jesus, my husband and I combined dont even make half of what that retired couple example does, and we live pretty comfortably. Who the hell made this shit?
nesmith 16th-Jan-2013 02:19 am (UTC)
I saw these before. Cry me a fucking river. I can't afford my taxes to go up even slightly because right now there's nothing I can cut. I live bare-bones as it IS.

Boo fucking hoo I'd run someone over to make what that single mom makes. Holy FUCK.
layweed 16th-Jan-2013 02:22 am (UTC)
Some of those deductions are like almost about as much as my entire annual salary. I'm not even gonna start on the income.
lykomancer 16th-Jan-2013 04:29 am (UTC)
All of the amounts they pay in are thousands more-- sometimes double-- the highest I've ever made in a year. :(
d00ditsemily 16th-Jan-2013 02:25 am (UTC)
Along with the tax act my husbands SS tax was raised. He got a raise but we still see a $10 deduction a month. Thankfully he only loses $10 a month. He doesn't make even 50k a year.
slrcosmos 16th-Jan-2013 02:32 am (UTC)
I would like to make as much as some of these scenarios pay in taxes. The social security increase costs me $25 a paycheck which hurts when I'm already struggling. My parents combined income isn't even any of these and my dad's income is the lower six figures. There is a tiny, tiny, tiny violin playing somewhere for these 'people'
blackheart 16th-Jan-2013 02:45 am (UTC)
Man I wish I made as much as that 'poor' family's...increase. I guess Single person: 15,000 a year isn't as dramatic as some made up one with an income of 230,000.
romp 16th-Jan-2013 02:46 am (UTC)
That's silly.
umi_mikazuki 16th-Jan-2013 03:07 am (UTC)
My response to the examples:

nitasee 16th-Jan-2013 09:37 pm (UTC)
I applaud both your gif and you icon. Excellent.
liret 16th-Jan-2013 03:08 am (UTC)
That single mother making 260k a year looks like she doesn't know how she's going to survive under the crushing burden of her higher taxes.
wrestlingdog 16th-Jan-2013 03:08 am (UTC)
Tell me again how oppressed you are.

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illuminaris 16th-Jan-2013 03:39 am (UTC)
these poor rich ppl

:'(

wont someone think of their suffering?!?!
teacoat 16th-Jan-2013 04:26 am (UTC)
I think this needs the "eat the rich" tag.
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