A Closer Look at Taxes: 2009 Filing Edition

Below is a summary of one person's tax return for 2009. It highlights the tax savings and employment benefits that came as a result of the American Recovery & Reinvestment Act. It clearly shows, contrary to what the Teabaggers want you to believe, that vast majority of Americans are getting a pretty good deal when it comes to taxes and government services:

I lost my job on January 14, 2009 and was unemployed during the rest of 2009. (Thanks to the efforts of President Obama and the Democrats in stabilizing the economy, things have perked up and I am actually starting my NEW JOB tomorrow! Only 50% of what I was making before, but, hey, at age 56, I'm thrilled). So my 2009 return was a bit of a comedown from previous years.

Income consisted of the following:
My Salary, Commission and Severance: $22,385
Spouses Salary (teacher): $42,899
Unemployment: $27,034 (over $1000 came from extra benefits from stimulus bill)
Interest income: $972
Total AGI: $90,890

Total Deductions: $38,364. These consisted of: mortgage deduction, personal exemption, student load interest, state taxes, real estate taxes, charitable contributions, educator expenses.

Total Taxable Income: $51,256

I also received the following credits: $1000 Child Care Credit, $288 Education credit, $800 Making Work Pay credit.

Total Taxes Paid: $6,125 Tax Rate: 6.74%

That's right: 6.74%

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