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Wednesday, April 16, 2014

Numerology Class

It's been a while but here are some numbers about Taxes that I thought I'd share

<b><u>WHAT BOTHERS YOU ABOUT PAYING TAXES? </b></u> 

35% Way Gov. Spends Our Taxes
28% Rich Not Paying Enough
14% Too Many Don't Have To Pay
11% Complexity of System & Forms
09% Amount You Pay

23-25 March2014
Registered voters
MOE +/- 3%
Fox News Poll

<i>Personally I take exception to having to pay even more taxes after paying all year because apparently THEY made a mistake in how much they were supposed to take out. 
And I hate paying taxes on the Previous years REFUND since it should never have been collected in the first place, so that is NOT income from THIS year, that should be TAX FREE</i> 

Tax Day = April 15
Tax Freedom Day = 21Apriil2014 {the date when America as a whole will pay off their total tax bill for the year, individual dates vary from Jan1st (those who pay nothing) to mid-June (for those who make the most money)}
This date is later than what the nation as a whole needs to work to cover the bills for Food, Clothing, and Shelter COMBINED .... according to some independent tax firm (don't recall the name off hand)

2014 Total Tax Bill
$4.5 Trillion
$1.4 Trillion in individual income taxes

Projected Deficit
$500 Billion

2014 interest payments on past deficits
$227 Billion

20 Tax Increases = $409 Billion over 10 year (due to Obamacare)

Medicare Tax Increase = 0.9% for individuals earning MORE THAN $200,000 or Married Couples earning MORE THAN $250,000

Net Investment Income Tax = 3.8% tax applies to individuals! TRUSTS, and ESTATES with investments over $200,000 or $250,000 for joint filers {so much for that retirement fund guys}

Itemized Deductions = INCREASED from 7.5% to 10% of Adjusted Income for MEDICAL EXPENSES on your GROSS income {like when our 14yr old son had to have his eye surgeries for detached retina ... We had a horrid deductable that year, so the reimbursement was very nice}

Total tax creases to pay for ACA? TWICE what they said before they passed it

Tax Burden Break Down
Under $15,000 = Less than $60
$50,000 - $100,000 = $6,000
$200,000 - $250,000 = $38,000
<i>WTH? Why such the huge shift? Maybe it's just because we keep getting closer to that $200,000 level ... Okay we are quite the way off but it's nice to dream</i> 

But $38,000 is an awful lot ... That's like over 2 MONTHS worth of GROSS income

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