stephenandrew
Recycles dryer sheets
- Joined
- May 5, 2007
- Messages
- 148
I am in the process of completing my 2008 Income Taxes, and I decided to look at my my total tax burden (federal income tax, state income tax, FICA/Medicare, and Propert Taxes) relative to my gross income (earned income, investment income---excludes capital gains/losses (all big losses this year) as all of our stocks/bonds are held in tax deferred accounts). My wife and I are employees, do not own a business, own a home (are paying it off anyway), and have two children. Nothing very fancy/complicated with our tax returns. Our biggest reductions to our income (for tax purposes) are our 401(k) contrinbutions and HSA contributions.
The total of the taxes refereced above represents 28.2% of our gross income, or 33.3% of our adjusted gross income (AGI). I was surprised at the amount---I frankly thought it was pretty high and, for lack of a beter word, kind of punitive, so I showed it to my wife. I couldn't help but laugh---she looked at the same numbers and said, "Oh is that all---taxes really should be raised if that's all we have to pay."
Not sure who is right (I hate to admit it, but normally she is about most things), but it reinforced to me that two reasonable (I think) people can see the same facts and have two vastly different reactions.
The total of the taxes refereced above represents 28.2% of our gross income, or 33.3% of our adjusted gross income (AGI). I was surprised at the amount---I frankly thought it was pretty high and, for lack of a beter word, kind of punitive, so I showed it to my wife. I couldn't help but laugh---she looked at the same numbers and said, "Oh is that all---taxes really should be raised if that's all we have to pay."
Not sure who is right (I hate to admit it, but normally she is about most things), but it reinforced to me that two reasonable (I think) people can see the same facts and have two vastly different reactions.