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How Much Will Your Taxes Jump?

Friday, January 11, 2013 - 8:11 PM
From the Wall Street Journal: 
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. 

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.

...  In essence, the new law "replaces uncertainty with confusion," says David Lifson, an accountant at Crowe Horwath in New York. "Only tax wizards can understand the entirety..."


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Fortunately for those of us who are not tax wizards, the article includes a link to a calculator developed by the Tax Policy Center, a nonpartisan group in Washington, which can help you crunch your numbers.
3
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
1. Saturday, January 12, 2013 - 11:05 AM
Pearl,

Great/informative article. I am still unlcear about the total impact these clowns/crying babes did on the part of tax. Yes, replacing uncertainty with utter confusion.

"I'm angry. Waste always makes me angry, and that's what all this is, sheer waste." -Rhett Butler

51
5
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
2. Sunday, January 13, 2013 - 10:21 PM
51hh, I agree that the tax code is an abomination, which is more of a mess than ever before. If anyone on this board is qualified to quote Rhett Butler, it would be you. :)
2
loulou544 posts since
Aug 3, 2010
Rep Points: 3,396
3. Monday, January 14, 2013 - 8:22 AM
Although I'm eminently unqualified to quote Rhett Butler:
 Frankly, my dear, I don't give a ****.  

6
StewieStewie56 posts since
Jan 18, 2010
Rep Points: 318
4. Monday, January 14, 2013 - 9:42 AM
I'm no Scarlett, but
I can't think about that right now. If I do, I'll go crazy. I'll think about that tomorrow.

 
5
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
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