02.27.09, 08:26 AM 11 replies
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Family making 250k. If the tax rates for incomes below 90k stay the same, and the taxes for incomes above 90k go up by 5%, guess how much more this family will be paying in federal taxes next year.

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02.27.09, 08:26 AM Flag ]
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  • Family making 250k. If the tax rates for incomes below 90k stay the same, and the taxes for incomes above 90k go up by 5%, guess how much more this family will be paying in federal taxes next year.

    11 replies [ Reply | Watch | More
    02.27.09, 08:26 AM Flag ]

    • 8K

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      02.27.09, 08:29 AM Flag

      • assuming straight taxes with no deductions and no amt, the difference is just about 4200. but it seems like they are adjusting the tax brackets too, in which case it'll be about 3300. (and bear in mind the possibility that my math is extremely incorrect.)

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        02.27.09, 08:44 AM Flag

        • ^^^and that's a total tax rate of 27.3 for this year vs. 29.0 or 28.6 for next year.

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          02.27.09, 08:47 AM Flag

    • I asked the OP this -- I would like to know the answer. The MOST would be $8,000. It's hard for me to feel sorry for families that spend $60,000+ for 2 kids' private school education that have to give up so much money. I guess they will have to cut back their $10,000 vacations or $10,000 clothing allowances.

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      02.27.09, 08:31 AM Flag

      • Look, yes people are bitching. They have a right to bitch initially. They've worked hard for their money and I can understand them not wanting to give more up. In a little while once everything settles down they'll accept it and stop complaining. Either that or leave the damn country.

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        02.27.09, 08:33 AM Flag

        • I'm sorry, but how anyone can look around and see the millions of laid of people and complain that they don't have $8,000 dollars they don't need is beyond me. I feel so fortunate for all I have and the idea that I'd complain because they have to give up my $15,000 vacation and take a $7,000 vacation instead is truly mind-boggling.

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          02.27.09, 08:37 AM Flag

        • ITA. Maybe they'll feel more comfortable in France, Germany, or Britain. Oh wait ... those people pay even MORE in taxes than we do.

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          02.27.09, 08:39 AM Flag

    • Why do you need to guess? Open excel and compute it. Till 90K you pay the same as someone who earns 90K. Then you compute for each additional dollar you earned using the marginal rate.

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      02.27.09, 08:35 AM Flag

      • it's a guess post. to see how off people's perceptions are from reality.

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        02.27.09, 08:36 AM Flag

    • Do we know what kind of deductions they have and whether or not they currently pay AMT?

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      02.27.09, 08:36 AM Flag

      • good point. i calculated it with no deductions and no amt.

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        02.27.09, 08:37 AM Flag
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