Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah I'm the taxman
-- The Beatles
So, at the risk of really opening myself up to ridicule, here goes with what is possibly the most revealing post I've ever written here at the poop.
When I filed my 2010 income tax return, I received, roughly, a $1,300 refund based on an income of $60,000 (give or take a few bucks). I've had better years financially, but it wasn't bad considering I only worked four days a week that year, with unpaid holidays to boot.
Ah, the double-edge sword of a freelancer.
Anyway, fast-forward to February of this year, when I filed my 2011 tax return. I had worked on a few writing projects, but generally it was a dry year, so I knew if there was going to be a refund, it was going to be very small.
When all was said and done, I was quite stunned to find that on an income of a paltry (and embarrassingly low) $24,000 - $18,000 of which came from unemployment insurance, which is taxed, by the way - that I still owed $804 in federal taxes.
What. The. Fuck?
I would love someone to explain how this is not only possible, but acceptable, especially in the wake of senate rejection of the so-called
Buffet Rule tax bill.
Happy tax day, everyone.