Year over year my taxable income went up $45,000 (from $151K in 2019 to $196K in 2020) but my taxes went up $20,000 (from $33K to $53K). That doesn't sound right to me.
Total income went from $201K to $270K and deductions from $42K to $66K. I know I'm in a different bracket this year but for taxes to take almost 50% of the taxable income increase seems off. Am I wrong? Help please.
