Monday, July 5, 2010

I just got a huge raise! It turns out I'm making $250,000 a year! So are you! Woo hoo!

"I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
  - Presidential candidate Barack Obama, 9/12/08

"If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.”
  - President Barack Obama, addressing a joint session of Congress 2/24/09

When Barack Obama was running for President, I was extremely excited, because I thought that he represented something new: a politician who was pragmatic but idealistic, who would create consensus solutions, who would restore the constitutional powers for each branch of government and end the excesses and crimes of the previous administration.

He was honest; he would keep the promises he made and keep taxes at their current levels. After all, he made a far stronger statement than, "Read my lips. No new taxes."

Starting January 1, 2011, however, taxes will increase significantly. Since I am not fond of admitting that I am wrong or that the candidate that I supported (with my checkbook, my feet, and my vote) is breaking a firm pledge (without, to my knowledge, even admitting that he's doing so), I have decided that I must have gotten a raise. I now make more than $250,000, because my taxes are increasing quite a lot in about six months. I wish that the $250,001 salary were printed on my paycheck as $250,001, because the number that's printed is a fraction of that, and I'm not bringing anywhere close to the correct amount home, so the payroll department has some serious explaining to do.

Here are some of the tax increases and how they will impact me, personally (They come from a list of expiring federal tax provisions .)