MU_Engineer
Splendid
Oldmangamer_73 :
Wait until January when the famous Bush tax cuts expire. Everyone, in every tax bracket who works and earns a paycheck will have higher taxes, not just people earning more than $250k.
Adding the Obamacare tax increases on top of that, the top federal income bracket becomes 42.8%. Adding Medicare, Medicaid, Social Security, etc. to that as well as your state and local taxes pushes that to the mid-50s. Effective tax rates on the entire income (due to alternative minimum) when all of the other income/payroll taxes are added in will be pretty darned close to half of your income at that level. Lovely, the government gets just as much of your paycheck as you do. If you are like me and pay usurious student loan rates because the government nationalized student loans and jacked the interest to the moon, it's more like 2/3-3/4 of your income. Yup, work 60-80 hours, get paid for 15-20. That's sure "Change I Can Believe In."