77 Percent Will Pay More In Taxes in 2013 Under Fiscal Cliff Deal
The main reason is the elimination of the payroll tax.
Despite the House and Senate reaching a Fiscal Cliff deal, 77 percent of Americans will pay more in taxes in 2013. That's because even though just 1 percent of households will pay higher income taxes, an increase in federal payroll taxes will hit nearly every wage earner, according to analysis by the Tax Policy Center. Individuals earning between $40,000 and $50,000 a year face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. The average U.S. worker would pay $679 more in taxes this year under the fiscal cliff deal passed by the Senate early Tuesday morning, while the average member of the top 1 percent of earners would pay $73,633 more, according to Tax Policy Center analysis. The increases are …
Richard Debateur
12:05 pm on Saturday, January 5, 2013
Air Force One costs $185,000 an hour to operate. Obama just made two round trips to Hawaii on it. Of course our taxes must go up!! more ›