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swingdjted · 27th January 2013, 01:58

I have an above-average household income and my tax rate won't even raise that much.

I will admit, everyone is going to have to pay more, but not that much more. Both Obama and Romney had tax plans that fell short. This is what happens when candidates make unreasonable promises.

We fall into the 25% bracket (sounds rich, but over a third of our income goes to student loans), but that's extremely misleading because of how tax calculating works. We'll actually only pay at most around 10.5% for 2012 because of careful planning, deductions, and because only the dollars above and beyond each bracket get taxed at the higher rate.

A gain in $4K would bring us from 10.5% to over 16% for 2013. I very highly doubt that would happen, even with the fact that we'll likely be paying more.

27th January 2013, 01:58	#2
swingdjted DRINK BEER NOW (Forum King) Join Date: Feb 2006 Location: Southern West Virginia Posts: 9,722	I have an above-average household income and my tax rate won't even raise that much. I will admit, everyone is going to have to pay more, but not that much more. Both Obama and Romney had tax plans that fell short. This is what happens when candidates make unreasonable promises. We fall into the 25% bracket (sounds rich, but over a third of our income goes to student loans), but that's extremely misleading because of how tax calculating works. We'll actually only pay at most around 10.5% for 2012 because of careful planning, deductions, and because only the dollars above and beyond each bracket get taxed at the higher rate. A gain in $4K would bring us from 10.5% to over 16% for 2013. I very highly doubt that would happen, even with the fact that we'll likely be paying more. Don't forget to live before you die.