Unfortunately it doesn't always work out that way. When you increase your income, you also increase the amount of taxes you are required to pay in as well. More income, more taxes.
When your income increased it could have:
- Put you in a higher tax
bracket,
- It could have reduced or
eliminated some deductions or credits
- The tax laws changing year to
year will determine the amount of taxes that need to be paid as
well.
The best thing to do is to print out your 2015 and 2016 tax return and compare them side by side to see what else has changed besides your income.
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