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January 05, 2013
People Making $30K Will Take A Bigger Hit On Their Pay Than Those Earning $500K Under Obama's New Fiscal Deal
Making $30K Will Take A Bigger Hit On Their Pay Than Those Earning $500K Under New Fiscal Deal…
Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.
Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.
‘The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 – not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,’ said William G. Gale, co-director of the Tax Policy Center.
‘For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore – as [the Congressional Budget Office] and others have shown – was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,’ he added.
Wild Thing's comment.................
IMO whatever income bracket a person is in they better be ready for the ugly Obama's effect on their lives.
Posted by Wild Thing at January 5, 2013 01:55 AM
Comments
Spoke with a couple friends who are military (Senior NCO's)and they are livid about their tax increase. Both said their increase comes to over $1,000 per year.
Posted by: BobF at January 5, 2013 07:49 AM
I wish that only actual tax payers were allowed to vote. We would have a different president and half or more Dems would be out of office.
Posted by: TomR, armed in Texas at January 5, 2013 12:15 PM
Bob, thanks for sharing that.
Posted by: Wild Thing at January 5, 2013 04:34 PM
Tom, that is how it should be, I agree, it would make a difference.
Posted by: Wild Thing at January 5, 2013 04:38 PM
