Sunday, February 25, 2007

Grrrr. Tax Robbers. Lying Politicians. Scum.

I just did my father-in-law's taxes. He's retired and lives on some pensions, social security and income from some investments. So interest rates go up and he makes a few extra thousand. The marginal tax rate on that money for him is .... 46%. Yes, 46%. His adjusted gross income is under $50,000 and his marginal tax rate is 46%. Incredibly unfair. Do we hear a peep from the lying politicians (both parties) about this gross unfairness. Nooooooooooooooooo.

The cause: more regular income moves more of Social Security into taxable income. So you don't just pay tax on the extra $1,000, but on up to $1,850. So in much of the broad 25% tax bracket, the real marginal rate is 25% x 1.85 = 46% Arggggggghhhhhhhhhh.

These stinking politician scum are taking 46% of a retiree's extra income. And no one - not the so-called press watchdogs who are really lapdogs - is talking about it.


Bud said...

That really is sad and despicable. I'm actually quite surprised that the pols are not talking about tax reform in this area as senior citizens vote in heavy numbers. You would think the US government would cut some slack to our retirees ( the overwheliming majority of whom live on a fixed income.)

Bunkerman said...

Yeah, it really shows that no one really cares about fairness. We hear a lot about the AMT bumping up people's taxes, but that's mostly for those making over $100,000 up to about $500,000. I think it's just another example of how the DC politician+press power clique really just cares about themselves.