70% increase in income = 150% increase in taxes?!

[JTKelly]

Just change your name to Biden and none of that silliness applies any more.

 

[bobzilla]

Except they cost more in the long run. And I haven't gotten any tax benefits related to them in some time.

My wife being a teacher for over 20 years has seen people that keep consistently popping one out ever 3-4 years for the tax bennies and DON'T take care of them. Not saying that is you at all, but it happens enough its infuriating

 

[Creedmoor]

Except they cost more in the long run. And I haven't gotten any tax benefits related to them in some time.

I don't recall any extras other than the standard child tax credit.

 

[WebSnyper]

I don't recall any extras other than the standard child tax credit.

Yep, and I haven't been able to take advantage of that for quite some time.

 

[Creedmoor]

Yep, and I haven't been able to take advantage of that for quite some time.

Yep, mine were in the Service when the free monthly checks were handed out.

 

[Nazgul]

Yes!! Wife and I just did the taxes and got hit with an eye popping tax bill, over $10,000 increase!!
Paid off the house last year with some savings and it pushed us 2 tax brackets higher. Used some savings to do it and they counted it as income.

Don

 

[Cameramonkey]

You just got to earn enough money to not have to pay taxes. Simple.

Which is why Bored Rich Guy(tm) is trying to get into DC.

 

[Cameramonkey]

Yes!! Wife and I just did the taxes and got hit with an eye popping tax bill, over $10,000 increase!!
Paid off the house last year with some savings and it pushed us 2 tax brackets higher. Used some savings to do it and they counted it as income.

Don

Unless you pulled out of a tax free investment account like a 401k, have an accountant or tax advisor review that. That sounds shady.

If you pulled the cash out of a savings account you contributed to from your paycheck, that sounds like double dipping.

 

[WebSnyper]

Yes!! Wife and I just did the taxes and got hit with an eye popping tax bill, over $10,000 increase!!
Paid off the house last year with some savings and it pushed us 2 tax brackets higher. Used some savings to do it and they counted it as income.

Don

Cash out stocks or something else?

 

[WebSnyper]

Unless you pulled out of a tax free investment account like a 401k, have an accountant or tax advisor review that. That sounds shady.

If you pulled the cash out of a savings account you contributed to from your paycheck, that sounds like double dipping.

Brokerage account selling stocks that have gains could also cause that kind of a hit.

 

[Hoosierdood]

If it were me, I'd get rid of withholding altogether. I want everyone to be as miserable as me 4 times a year.

This was a new world to me when I joined my present firm 8.5 years ago. It is organized differently from the old place.

Sure did make the pain of taxes more real when they pay you all of "your money", but then you have to write checks for estimated taxes 4 times a year and then file a return in April like everyone else hoping the estimates were somewhere near correct.

 

[xwing]

Welcome to our unfair "graduated" tax system. Dare to be successful? Prepare to be robbed blind by the government.

The only fair tax is a flat tax, but that'll never happen. It's in the government's interest to play people against each other and keep everyone fighting everyone else to secure "their" interests. A tax that treated everyone the same would actually expose the corruption and absolute waste of money that our government perpetuates.