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Despite fiscal cliff deal, taxes to rise for most Americans
The expiration of a two-year payroll tax cut means that someone earning $50,000 will pay $1,000 more a year in federal taxes.
WASHINGTON (AP) — While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.
That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year.
Households making between $40,000 and $50,000 will face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. Households making between $50,000 and $75,000 will face an average tax increase of $822.
The tax increases could be a lot higher. A huge package of tax cuts first enacted under President George W. Bush was scheduled to expire Tuesday as part of the "fiscal cliff." The Bush-era tax cuts lowered taxes for families at every income level, reduced investment taxes and the estate tax, and enhanced a number of tax credits, including a $1,000-per-child credit.
We have a serious spending problem, and they want to fix it by taxing more.
Honestly they should have raised taxes on everyone. Not that even that would have solved our spending problem, but If the country decides to vote for big government, then we should have to pay for it too. As long as voting this way doesn't hurt the pocketbook, the low information voters will continue to do it.
the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring
What part of "temporary reduction" didn't you understand? This gift "expired." I'm not sure why this would be a surprise when it was always the design.
It does reinforce the notion that once you give something, even on temporary terms, it's really hard to take it away. No one ever seems to remember the original premise.
Why anyone actually believes giving the mentally retarded infants in DC more money to waste is a good idea is one of lifes greatest mysteries.
They have proven time and again that they are incapable of spending within the limits provided by the Constitution, and as a result should not be given a single penny until they learn how to act like responsible adults.
Why anyone actually believes giving the mentally retarded infants in DC more money to waste is a good idea is one of lifes greatest mysteries.
They have proven time and again that they are incapable of spending within the limits provided by the Constitution, and as a result should not be given a single penny until they learn how to act like responsible adults.
Well the enlightned ones tell us its the price we pay to live in a free er uh oops totalitarian society lol
We have a serious spending problem, and they want to fix it by taxing more.
Honestly they should have raised taxes on everyone. Not that even that would have solved our spending problem, but If the country decides to vote for big government, then we should have to pay for it too. As long as voting this way doesn't hurt the pocketbook, the low information voters will continue to do it.
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