Sovamind The creative works of Sova. Photographer. musician, and writer.+1.970 FOR SOVA

Wall Street Journal article complaining about new tax increases on “families”

So the WSJ is actually publishing an article complaining about how the taxes that got increased actually apply to more than the wealthiest 1%.  Specifically they are complaining about several increases to “families” making $250,000+ and are actually making them out to be hidden:

“So, a couple with three children and adjusted gross income of $300,000 or more will lose some or all of their $19,500 exemption.”  [referring to exemptions per household member]

and

“The other new provision is a complex limitation on all itemized deductions—including charitable donations and mortgage interest—that will eliminate up to 80% of deductions for taxpayers above the $250,000/$300,000 income thresholds.”

Excuse me if I am supposed to be bothered by this…  If your AGI is more than $300,000 a year you aren’t really a “family” that is hurting at the moment.  Maybe they should look at the number of people that can barely make their mortgage or are working 2 or 3 jobs to make ends meet?

Even worse then end with this:

The overall result is that, for many families, 2013 tax rates won’t be as advertised. While a retired couple with $180,000 of income and $25,000 of deductions could see no change in their federal tax next year, a single parent of two children earning $260,000 with $30,000 of deductions could see a $3,300 increase.

The way I see it that is EXACTLY how it should be working out and that $3,300 increase is negligible to that single parent.  Seems like much whining for nothing.

Leave a Reply

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Shopping Cart
  • Your cart is empty.