| || |
Hidden tax increase under Obama
January 29, 2010 - LLee Janssen
Did your take-home pay go down in January? At first I thought it had to do with changing healthcare rates and employee contributions, but a colleague recently pointed out that the federal government is taking more taxes from our paychecks this year than last.
The federal government provides employers with its Tables for Percentage Method of Withholding, and for the 2010 tax year, those tables include a hidden tax increase.
In 2009, a married worker who was paid biweekly was not taxed on the first $606 he made, but after that, an employer takes out an increasingly higher percentage in taxes: 10 percent on the next $606 to $940; 15 percent for $940 to $2,910, etc.
But look at the numbers for 2010: No taxes on the first $529, but 10 percent on the next $529 to $942; 15 percent on $942 to $2,913, etc.
Let's look at the base amounts for taxation of Single People: No taxes on the first $276; 10 percent on $276 to $400; 15 percent on $400 to $1,392, etc., compared with 2010 numbers of no taxes on the first $233; 10 percent on $233 to 401; 15 percent from $401 to $1,387.
Hey, Uncle Sam, how cheap do you think one person can live? So why can't you?
Hey, here's another idea ... a stroke of brilliance, really: I propose a tax equalization credit for Women, to make up for the difference between what a Man makes for the same job when performed by a Woman.
Anybody out there agree?
No comments posted for this article.
Post a Comment