Have you calculated your 2008 income on 2009's tax rules?

[jmowreader]

I just did it and it's kinda interesting: In 2008 I earned $61,497, and paid in $5762. (And I only had to work 352 days to do it, too. It wasn't like I worked EVERY day...)

Under 2008's tax rules, I paid $5734 in taxes and received a refund of $28.49.

Under 2009's tax rules, I would have paid $5581 in taxes and received a refund of $181.

Next time a freeper claims to you Obama didn't cut taxes on the working class, you can use those numbers with my compliments.

[enough]

1. I'm self-employed and file Schedule C. Looked back at 2008 and realized that

I paid a higher tax last year on less income than this year. I haven't gone through to see exactly where the change is coming from, but I am certainly paying less tax per income this year.

[dmallind]

2. Great info - but easiest way is just to compare 1040 tables

http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

http://www.irs.gov/pub/irs-prior/i1040tt--2008.pdf


Notable comparisons

Single 20K 2603 2586

Married 30K 3701 3669

Single 40K 6350 6194

Married 50K 6701 6669

Single 75K 15100 14944

Married 100K 17681 17369


All AGI. All 2008 first then 2009. Obviously additional exemptions and credits will also lower tax burden on equivalent gross income - this is just a straight AGI comparison showing a drop across income ranges that cover the vast majority of workers.

[dems_rightnow]

5. That's just the indexing to inflation

that happens every year. The benefits from the Obama camp came mostly from the different credits out there, either new or expanded. And not taxing a portion of unemployment income.

[Blue State Bandit]

3. My refund was 18.4% bigger using this formula.

http://journals.democraticunderground.com/Blue%20State%20Bandit/69

After doing my first draft of my 2009 tax returns, I plied my '09 W-2's and 1040's to an '08 trial run, and my tax return refund increased by 18.4% (from $1731 for 2008 to $2050 for 2009).

Rec'd!

[JuniperLea]

4. Ahnold took everything Obama gave me...

@$(*%(#& idiot.

[ThomWV]

6. Savings of $300 on a $60,000 income comes to about 1/2% if my mental math is right

[jmowreader]

7. I ran my 2009 income on 2008's tables and really saw some difference

In 2008 I was in a situation where I couldn't use credits and deductions; plus I was in a pretty high salary bracket. I know it's only half a percent but $300 is $300, right?

Some of you folks who have several kids, mortgages, and other tax-incentivized behaviors will have far better results than I got.

[Javaman]

8. I owed $15 bucks in taxes this year, last year, the year before and the one before that. nt

Nothing has changed for me.