So I’ve done our 2012 taxes, and as such, I can update my last blog post on tax incidence. Graphs below…
Due to mainly to a higher income than last year and purchasing a house, total tax burden is up:
Property taxes and federal income taxes are up over last year, most other taxes are flat:
Here’s the cumulative view:
State tax incidence is up mainly due to higher property taxes:
Looking forward, the 2% payroll tax cut expired this year, so next year taxes should be even higher. If nothing else changes except for that 2% increase, next year would be close to the highest tax burden yet. We’ll see!