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]
“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.
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