So I went to look at my 2015 posts to see what I posted about taxes last year. And I found that.....I didn't post anything! What?!?! I deprived my readers of all those graphs and stuff? What is the world coming to?
You'll be glad to know that I finished my taxes yesterday and got all gung-ho consolidating and analyzing my graphs, so I'm able to post 2 years' worth of graphs in this one post. FYI, pretty much all of this data comes from my pay stubs and my tax returns. Your individual results may vary from the ones graphed here.
First, let's talk about pre-tax benefit costs. AKA insurance. Most of the costs have been flat except my medical insurance as illustrated below. Now I can't blame all of that on the Affordable Care Act, but I think the steady 7-8% increase in the last 4 years is due to that.
Well.....you might say.....what about keeping up with inflation? Can you show that as a percentage so we can see how that compares? See the graph below. Note that most of the other insurances rarely changed more than 5% in the positive or negative direction, although vision insurance did go down significantly one time. I think that must mean that dentists and eye doctors either make their money on something else besides routine check-ups, or else they haven't been giving themselves many raises.
My tax software likes to give my effective tax rate. It actually went down this year, mostly because the corporate bonus multiplier wasn't as good in 2015 as it was in 2014.
The tax software also tells me how the government spends my federal income tax. See the graph below that compares 2012 to 2015. Do you believe people when they say the Baby Boomer Generation is retiring? Well, these graphs seem to support that claim. The only category whose percentage of spend increased was Social Security, Medicare, and Other Retirement. It went from 36% of federal spending to 43%. Everything else stayed the same or decreased. Yes, even national defense decreased (as a percentage of spending anyway).
While in federal spending research mode, I looked up some statistics.
Spent Revenue Deficit
2012 3.537 trillion 2.45 trillion 1.087 trillion
2015 3.688 trillion 3.249 trillion 439 billion
I'm happy to see the deficit we incurred last year was much less than what it was in 2012. However......a $439 billion deficit still isn't anything to brag about in my book. How did the government reduce the deficit? Ding ding ding!!! That's right folks, they increased revenue (and did not reduce spending)! And what method does the government use to increase revenue? That's right, taxes and fees!!!! (And maybe selling some military weapons to foreign countries.)
And now, a look at how my gross income gets distributed. If you look at things as a percentage of my income, the graph looks like this:
You might wonder why there was such a big difference in state and federal taxes between 2012 and 2013. Well, I think this graph helps explain it a little better. You can clearly see the huge jump in income that occurred. I graphed it by dollars instead of percentages. If you look back at my 2013 analysis, it notes that the large difference you see there is mostly due to a very bad corporate bonus multiplier in 2012. In fact, I got the highest performance rating possible that year, but it couldn't compensate for a poor overall multiplier. The additional rise in 2014 was partly due to a promotion that year I think. And it looks like the bonus multiplier may have been a little better. I know in 2015 the possible multiplier was looking good until the 4th quarter when things took a dive.
So that's it for this year. I hope that's enough graphs to satisfy the two year drought you had to endure.