Wednesday, April 13, 2016
Taxes, Taxes, and More Taxes
I finally sat down last night to finish filing my taxes. While always an inspiring joy and an unbounded pleasure to find out just how much the federal government has ripped me off, here are some notes about living in the Obama Fantasy Socialist Republic of the United States.
My tax rate went up from 2014. I ended up paying about 50 percent more in taxes over the previous year, even though I made about the same amount of money. One deduction that I've had for years no longer reduced my federal taxes (although it still reduces my state tax).
I presume the rate increased to help pay for the obscenity known as the Affordable Care Act. This means that I'm paying for my family's health insurance, as well as subsidizing others. This is classic double dipping, brought to you by your friend, the Government. My premiums for health insurance doubled over the previous year, even though one of my children is no longer on the policy. The deduction for unreimbursed medical expenses increased from 7.5 percent of AGI in 2014 to 10 percent in 2015.
Capital gains taxes increased from 15 percent to 20 percent. The capital gains tax has always been a "double dipper" tax. Even though two of my corporations returned capital gains, I had no income from them, so had to pay those taxes out of pocket.
I can hardly wait to see what my taxes will be like next year!