The Painful Truth of It

Some day, you'll appreciate this opportunity to quit filling your head with nonsense.

Middle-class to bear brunt of looming fiscal-cliff tax increases.

tax-man-cartoon

As we head over the Fiscal Cliff, everyone who thought that by re-electing Barack Obama they were voting for someone who would tax the rich and spare the middle-class needs to read this eye-opener from the non-partisan Tax Foundation.  It shows how even families earning less than $40,000 a year — not exactly millionaires — will pay approximately $3,000 per year more in federal income taxes for 2013.  Even for those who previously payed either no income tax or only very little income tax, the Alternative Minimum Tax (AMT) will be triggered in 2013 at levels that were previously set in 1993, resulting in substantial tax liability for middle- to low-income earners, which will prove surprising, if not financially catastrophic.

Some cities near and dear to my heart, in which I either live or have lived, will see the following tax increases for the following median incomes for a family of four:

  • Austin, TX ………………. $87.067/yr. ……………… $4,176 ………………. + 4.80%
  • Los Angeles, CA ………. $72,340/yr. ………………. $3,177 ……………… + 4.39%
  • Tampa, FL …………….. $69,893/yr. ………………. $3,415 ………………. + 4.89%
  • Alexandria, VA ………. $115,519/yr. ………………. $7,370 ……………… + 6.38%
  • South Bend, IN ………… $68,480/yr. ………………. $3,730 ……………… + 5.45%
  • Syracuse, NY …………… $81,418/yr. ………………. $4,092 ……………… + 5.03%
  • West Hartford, CT …….. $98,153/yr. ………………. $6,028 ……………… + 6.14%
  • Virginia Beach, VA …….. $79,762/yr. ………………. $3,325 ……………… + 4.17%
  • Baltimore, MD ……….. $105,055/yr. ………………..$6,927 ……………… + 6.59%

At this point, it is categorically unreasonable to argue with the assertion that the federal government spends too much.

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This entry was posted on December 28, 2012 by .
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