Are you paying more or less Federal Income Taxes

[Siddhartha]

I was watching the clip posted in the "CNN shows its liberal bias" thread where the reporter pointed out to the guy with the kid that he was eligible for a $400 credit.

I did my taxes yesterday and I am getting a refund this year. I have never received a tax refund before. Actually, if I were better prepared I could be getting a bigger refund.

I am curious, did you pay more, less, or the same percentage of Federal income taxes compared to last year?

 

[Red Dawn]

We're getting back a nice refund this year. We had to pay a couple of hundred dollars last year but that was due to us winning almost $20,000 in 2007.

 

[Siddhartha]

Originally posted by: Red Dawn
We're getting back a nice refund this year. We had to pay a couple of hundred dollars last year but that was due to us winning almost $20,000 in 2007.

I wait until April 15 to do my taxes because I usually end up owing a couple hundred dollars. It was a pleasant surprise to be getting a refund this year.

 

[Strk]

It's pretty close to the same, although I am making a little more, so I could be paying a little less. I'm around $500 more with everything combined.

 

[charrison]

Originally posted by: Siddhartha
I was watching the clip posted in the "CNN shows its liberal bias" thread where the reporter pointed out to the guy with the kid that he is paying less taxes under Mr Obama's tax plan.

I did my taxes yesterday and I am getting a refund this year. I have never received a tax refund before. Actually, if I were better prepared I could be getting a bigger refund.

I am curious, did you pay more, less, or the same percentage of Federal income taxes compared to last year?

About the same, but that is not unexpected as not much has changed with the tax code.

 

[StageLeft]

My income changed, so it's not really comparable. The prior year I had some huge action going on because of grossed-up moving expenses by my company.

I do know that this year my NY state property taxes are going up substantially. I hope the governor of NY gets so humiliated come election time that he sobs and weeps and people point and laugh and he never shows his face in public again.

 

[Deeko]

MUCH more, but I'm also making more money.

 

[Genx87]

Originally posted by: Siddhartha
I was watching the clip posted in the "CNN shows its liberal bias" thread where the reporter pointed out to the guy with the kid that he is paying less taxes under Mr Obama's tax plan.

I did my taxes yesterday and I am getting a refund this year. I have never received a tax refund before. Actually, if I were better prepared I could be getting a bigger refund.

I am curious, did you pay more, less, or the same percentage of Federal income taxes compared to last year?

Wouldnt the tax system for 2008 be Bush's system?

 

[Schadenfroh]

Originally posted by: Deeko
MUCH more, but I'm also making more money.

Same

 

[piasabird]

Well if you have to spend more money at the gorcery store and then you realize you are paying less tax because of President Bush's Tax Cuts, then you know who to thank for that. The reality is the more the government spends and hypes up the idea that we are in a crisis, the more inflation will increase and the more the value of the dollar will decrease, and the longer we will have to work just to pay off the Yearly Interest on the debt, leaving less tax dollars to pay for necessities.

President "monkey for a brain", O'Bamma is an idiot.

 

[bbdub333]

What taxes has Obama lowered so far?

 

[retrospooty]

Originally posted by: bbdub333
What taxes has Obama lowered so far?

Nothing... Obama's proposed tax changes would start in the 2009 tax year, thus affecting your April 2010 filing. Whatever we are filing now is still under the previous 2008 tax code.

 

[Jeffg010]

I paid waaaaaayyy more this year. I only make 47,000 yr but ended up paying 24,000 in taxes. I sold a hot stock and the bastards at the fed level took 19,700 and the state took 4500. I was looking to buy a new house and that put a stop to that.

 

[bl4ckfl4g]

I made waaay more but I bought a house and got the 7,500 credit so I paid much less and got 12,000 dollars back in the end.

 

[mugs]

Originally posted by: Jeffg010
I paid waaaaaayyy more this year. I only make 47,000 yr but ended up paying 24,000 in taxes. I sold a hot stock and the bastards at the fed level took 19,700 and the state took 4500. I was looking to buy a new house and that put a stop to that.

Did you make about $80k profit on that tax sale?

 

[shira]

Dupe post

 

[shira]

Originally posted by: mugs

Originally posted by: Jeffg010
I paid waaaaaayyy more this year. I only make 47,000 yr but ended up paying 24,000 in taxes. I sold a hot stock and the bastards at the fed level took 19,700 and the state took 4500. I was looking to buy a new house and that put a stop to that.

Did you make about $80k profit on that tax sale?

That's what I get, too. If we include the fact that he also got back his basis in the stock (let's say the stock quadrupled), he has at least $80k in his pocket. Alocating 31% of $47k to mortgage payments, and assuming a mortgage rate of 4.9%, he could afford to borrow at least $280,000. That's at least $360,000 for a house with more than 20% down (no pmi).

So what's stopping him from purchasing a house? Even in "high" markets, you can get decent condos for $360,000.

 

[nageov3t]

I had to pay a couple hundred last year, got back about $1.2K this year

 

[Atreus21]

Originally posted by: Siddhartha
I was watching the clip posted in the "CNN shows its liberal bias" thread where the reporter pointed out to the guy with the kid that he is paying less taxes under Mr Obama's tax plan.

I did my taxes yesterday and I am getting a refund this year. I have never received a tax refund before. Actually, if I were better prepared I could be getting a bigger refund.

I am curious, did you pay more, less, or the same percentage of Federal income taxes compared to last year?

I'm paying more, but I don't think it has much to do with Obama. I started collecting rental income in 2008, so all of it was untaxed, which laid a significant liability on me.

 

[GroundedSailor]

Had to pay over 5K this year for the first time!! Have always gottena refund, even if small.

But I knew that was coming as the wife changed jobs mid year in 2008 and that skews the withholding. Also my bonus withholding was deliberately kept low as I needed the cash to buy the wife a new car - free loan from the IRS

 

[fisheerman]

Biggest refund we ever got was this year but i don't think it was because of tax cuts.

New baby, stock losses, 2 months out of work, wife cut back to part time, 30k less earnings than last year. all added up to a nice chunk of tax returned money.

 

[shira]

Paid over 33K in federal income tax this year. My big refund ended up being my 4/15 estimated tax payment. :-(

 

[sactoking]

In 2006 my Total Tax was 10.97% of Total Income.
In 2007 my Total Income went down 1.2%, my Total Tax went down 12.07%, and my Total Tax/Total Income was 9.77%.
In 2008 my Total Income went up 19.41%, my Total Tax went up 17.55%, and my Total Tax/Total Income was 9.62%.

All three years were calculated under Bush tax rules. All three years had Total Income <$100,000. It remains to be seen what the ratios look like under Obama tax rules.

 

[cubby1223]

Originally posted by: Siddhartha
I was watching the clip posted in the "CNN shows its liberal bias" thread where the reporter pointed out to the guy with the kid that he is paying less taxes under Mr Obama's tax plan*.

* - less federal income taxes for a short while. State income taxes, property taxes, sales tax, energy taxes, cigarette taxes, alcohol taxes, gasoline taxes, all going up. I am sure we _all_ will pay more overall taxes this coming year than last.

 

[blackangst1]

Same job, same income plus/minus about 3k, paid about the same. I usually get refund/owe give or take $200...I always check my withholding midway through the year and cometimes make adjustments so I either dont get a huge refund or owe a huge amount.