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.
Read more at The Daily Mail. By Hayley Peterson.
Photo Credit: 401K 2012 (Creative Commons)
Please share this post with your friends and comment below. If you haven’t already, take a moment to sign up for our free newsletter above and friend us on Twitter and Facebook to get real time updates.
Follow @WestJournalism
Loading ...
Fica deductions needed to return to normal after this vacation of several years. If you understand Fica you know why…
my 2 ga senators voted yea for this crap. I will vote for someone else when its there time. Anyway they need to retire. Been kissing obozos A$$ to save there soul.
My two Arizona senators did also. It will not be forgotten.
Surprise Surprise Surprise..wait till the fines for not buying medical insurance kicks in. The working class again will pay more so the laziees can sit home waiting on their checks. This is addressed not to the ones who really need it but to the millions getting their checks
by fraud.
The only reason that Obama created the payroll tax holiday in the first place was make people think they were better off than they really were. Now they will have to face the truth or at least one little piece of it. Maybe that will lead them to face a lot more truth about Obama in the next few months. We can only hope.