We have been retired from public school teaching for about 12 years now. We have pensions from the NYSTRS and Social Security. This year we filed our 2010 tax return, and holy cow, our taxes actually went up $288. Our return indicates substantially the same income figures as last year. We had ordered with held the correct amount to cover the taxes. What changed? The standard deduction was lowered by $1000. (Our itemization indicated that this was the best deduction to take.) Our taxes went up, contrary to what had been loudly proclaimed over the past couple of months. There is an injustice here. And it probably extends to all who must take the standard deduction. Perhaps the richer among us should not be able to itemize deductions, but take only the standard deduction.
And a final note... there was no social security cost of living increase nor lump sum rebate as was given in previous years.
We old folks are paying for the tax cut to the rich. Please share this with your colleagues on all sides of the aisle, and the president.
No comments:
Post a Comment