Tax increase
- Thread starter Salazar
- Start date
polamalu43
New Member
The impact is the same for everyone, 2% of your gross wages minus pre-tax deductions. I was lucky because I was given a 2.5% raise in the same paycheck. NY State taxes also increased! Federal taxes are also increasing but the new tables are not out yet. With all the changes so far (not including federal), I lost 98 cents in my check.
That doesn't sound too bad. I think our state taxes are going up as well, but I won't really know how bad it is going to be until Thursday. I'm hoping it will only be a few dollars difference.I lost 98 cents in my check.
Yea, it's the same for everyone, but the more you make, the more they take. Two percent for me is going to add up to several hundred dollars a month.The impact is the same for everyone, 2% of your gross wages minus pre-tax deductions. I was lucky because I was given a 2.5% raise in the same paycheck. NY State taxes also increased! Federal taxes are also increasing but the new tables are not out yet. With all the changes so far (not including federal), I lost 98 cents in my check.
I also think it stinks that you got a raise and ended up losing money. The only upside to that is you're not feeling the crunch from the tax increase, but I find that to be little consolation when you could be benefiting from a 2.5% raise.
I know a few people who are worried about this. Just last evening myself and the lady of the house were talking about the price of everything increasing. We might see a break here or there but nothing major and it effects everyone. What would happen if the prices never stopped rising? It is a very scary thing to think about.
That's a very good point and, I think, one of the reasons why people are so aggravated with the increase. I'm only 38 and I honestly don't believe Social Security is going to be there when I retire. Not only that, but they keep raising the retirement age on top of everything else. I completely agree that we need to take care of our elderly, but what's going to happen when I'm in that boat?I don't think it would bother me so much if I thought the money would be there for me when I retire. I'm all about paying people Social Security if they paid in. If I could be guaranteed that I was going to get everything I paid in back I wouldn't mind.
polamalu43
New Member
I agree 100% about the money not being there when we need it. People are living a lot longer now and that means more money to the elderly. Something has to give and soon or there won't be enough money for all of us.
polamalu43
New Member
I know I am not planning on Social Security being there when I retire. I have sunk money into a work 403 (b) plan and a previous jobs 401 (k) plan. I have also put money into several IRA's. Someone has to look out for me when I'm old enough to retire.