The new tax rate adjustments signed into law for 2013 don’t affect me much, since I don’t make enough money to owe any income taxes and my current job exempts me from the Social Security payroll tax. But I did come across this…interesting…article today in the Wall Street Journal explaining how much someone’s taxes may rise. It included this convenient graphic to see how different individuals might fare with the new rates:
The article claims ”Many affluent people in exactly the same financial position as last year will see a substantial tax increase”. Yet, only one family in the picture has an increase of more than $3,500. Even the $650,000 family’s $21,608 additional tax only amounts to a 3.32% increase! Am I not understanding something? That seems like a small number, yet they’re calling it “substantial”.
The best part are the depressed, solemn expressions plastered over everyone’s face. This is something I’d expect to see on The Onion. Even the retired couple, WHO FACE NO ADDITIONAL TAXES, look like they’re about to enter the poor house. Anybody else hear that? Someone’s playing the world’s saddest song on the world’s smallest violin.
{ 2 comments… read them below or add one }
That’s hilarious! Or, that’s WSJ for you.
I agree with your comment that the graphic looks ridiculous and those increases are pitiful.
I am also not rich, but I was fortunate enough to land a decent paying job and started a week after graduation. My taxes are disgusting. This year, I will pay over $11,000 in taxes. This is a $3,000 increase over what they would have been if I had the same income in 2012. That is a big difference. Perhaps the graphic should have demonstrated this instead.