Tue 7 Feb 2017
I’ve been working on my taxes this year and was sadly disappointed to see that I would have to pay an additional $5,000 on top of the $70,000 I have already paid in taxes for 2016. It seems that I was hit with multiple bonus taxes for Medicare and the AMT for some reason. I’m still haven’t received all my tax documents so that number may fluctuate but it looks pretty gloomy nonetheless.
Since the majority of our income comes from W-2 (i.e. our employers), there aren’t too many things we can write off. Worse than that, our son will start college soon and I doubt we’ll qualify for any tax deductions for higher education as our income limits our too high.
I hope Congress will do something to fix this taxation mess soon. Having a tax system that penalizes people for hard work is just insane! Think about it, if I just got lazy and quite my job, I’d be eligible for all sorts of tax deductions and credits. What the hell kind of system is this?