77% of Americans Will Pay More Taxes in 2013

[B00Mer]

77% of Americans Will Pay More Taxes in 2013

The heated fiscal cliff negotiations are over — for now — so it's time to assess your wallet. You probably understand the centerpiece of President Obama's much maligned offer to Republicans, which raised income taxes on the wealthiest Americans by allowing the Bush-era tax cuts to expire for the highest brackets. (Obama was aiming to increase taxes on individuals making more than $250,000 per year and, but eventually settled on a threshold of $400,000, and $450,000 for couples.) Buried within the bill that the House passed last night, however, is a provision that a majority of Americans will begin to feel immediately: the expiration of a payroll tax break introduced in 2010. This means some 77% of Americans will pay a bigger portion of their income to the federal government, reports The New York Times:

Indeed, for most lower- and middle-income households, the payroll tax increase will most likely will equal or exceed the value of the income tax savings. A household earning $50,000 in 2013, roughly the national median, will avoid paying about $1,000 more in income taxes — but pay about $1,000 more in payroll taxes.

The good news, according to non-partisan Tax Policy Center (whose report the Times cites), is that very few non-wealthy households will face a net increase in taxes. The center "calculated that less than 5 percent of families earning $200,000 to $500,000 will actually pay more." Which pretty much aligns with what President Obama said at the White House late last night — that he "will sign a law that raises taxes on the wealthiest 2 percent of Americans while preventing a middle-class tax hike that could have sent the economy back into recession and obviously had a severe impact on families all across America."


source: 77% of Americans Will Pay More Taxes in 2013 - Yahoo! News


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So if you get a 4% raise this year.. the government get's half of it.. I hope all those effected voted for Obama. lol

 

[petros]

EVERYONE will be paying more taxes. As long as there is inflation there will be increased tax spending.

Inflation is how shortfalls will be paid off. If I owe you ten bucks and 2 weeks later ten bucks only buys you what five bucks did two weeks ago, you're screwed and in the big picture I only repaid half of the debt.

 

[B00Mer]

EVERYONE will be paying more taxes. As long as there is inflation there will be increased tax spending.

Inflation is how shortfalls will be paid off. If I owe you ten bucks and 2 weeks later ten bucks only buys you what five bucks did two weeks ago, you're screwed and in the big picture I only repaid half of the debt.

If you live in one of these countries... EVERYONE does not pay higher taxes.. as a matter of fact citizens of these countries no NO INCOME TAXES!!

Countries With Zero Income Taxes


United Arab Emirates, Qatar, Oman, Kuwait, Cayman Islands, Bahrain, Bermuda, & The Bahamas

 

[eh1eh]

Hey. The Republicans caused this, right? They caused an increase in American socialism. Oh the bitter irony.