New Year’s Day was tough for taxpayers. Thirteen tax increases kicked in.
The deal that Congress and President Obama struck that finally—but only partially—avoided the fiscal cliff resulted in seven tax increases.
Those hikes combined with six tax increases from Obamacare that also began on New Year’s Day.
13 Tax Increases That Started January 1, 2013
Tax increases the fiscal cliff deal allowed:
1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”
2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).
Read More at heritage.org . By Curtis Dubay.
Photo Credit: 401K 2012 (Creative Commons)
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Yep! And we’re already seeing some of them. We’re bringing home about $300.00 less per month already. Add that to the prices of everything being sky high, and we’re close to being back at 1980′s wages. Screw you nobama, you lying POS, and the camel you rode in on!!!!!
Hope all the people that voted for Obama are happy now !! This is only going to get worse !!
You all are fools for doing it in my opinion.
Don’t forget nobamacare. I got a 3% cost of living raise but my first check for 2013 is $40 less then my last 2012 check.