We got our bonuses today. I've never really understood why they tax bonuses at a higher rate than our regular salaries, but the government kept 40% of my bonus this year. 40%!
I do NOT make a lot of money and my bonus wasn't that much (we're talking low 4 figures) so when you take out 40% I really feel it. I'm sure some of the higher ups around here who get 6 or 7 figure bonuses notice too, but not nearly as much. If I got a $1,000 bonus I got to keep $600. If I got a $10,000 bonus (which I didn't) I'd get to keep $6,000. While it would hurt to see $4,000 disappear into the government coffers, it would be way more painful in my everyday life to only keep $600 of a $1k bonus.
And "the One" wants to tax me more! Between my husband's and my income, we are nowhere near $250k, but we will be taxed more. It's inevitable. All of the tax rates will rise with his increased spending to "help" those who have made bad financial decisions.
The markets sure don't like what he's been doing and that's hurting hubby and I as well. In 4th quarter I "lost" $30k in my retirement plan. I've been saving and investing since I was 18 years old (my mom doesn't even have $30k in her entire plan!). You better believe that I was pissed. But I also didn't freak out ... I know that the market has ups and downs and I am in it for the long haul.
But as Obama keeps proving that he knows nothing and pulling ideas out of his ass I see my accounts shrink more and more. It is incredibly depressing. And yet, I do not pull out because I know (I pray!) it will end eventually and cooler heads will prevail. I'm hoping Bobby Jindal will be a shining star in the GOP and help turn this boat around in 4 years.
As with any politician, I just pray that he keeps his head level and ideals firm. I would SO love a Jindal/Palin ticket.
h/t for the video: Speak Dog Speak