Protecting the Middle Class? US Senate Bill Will Increase Taxes on 77% of US Households
Who is to blame for this America, Republican politicians, Democrats, Independents? No … you are America, you were foolish enough to reelect Obama and create a czar.
The fiscal cliff bill was supposed to save the middle class from tax hikes and was supposed to only punish the so-called rich. At least that is what was said by Obama and Democrats. Since when has Obama ever told America the truth? As reported at Bloomberg, the bill that passed the US Senate today will increase taxes on 77.1% of American households.
The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.
More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.
The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.
Much of that burden is concentrated at the very top of the income scale.
The top 0.1 percent of taxpayers, those with incomes over about $2.7 million, would pay an average of $443,910 more, reducing their after-tax incomes by 8.4 percent. They would pay 26 percent of the additional taxes imposed by the legislation.
Among households with incomes between $500,000 and $1 million, taxes would go up by an average of $14,812.
Posted January 1, 2013 by Scared Monkeys
Budget, Budget Deficits, Fiscal Cliff, National Debt, Obamanation, Tax & Spend Liberals, Taxes, WTF | 3 comments
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Reality: Jim Rogers global invester, co-founder of the Quantum Fund
This might be a little misleading. While it’s true that the rerun to the full payroll tax hurts (@ 2% it hurts a lot), neither Democrat or Republican had any interest in extending it. The payroll tax “holiday” as it was originally called was part of the Bush tax cuts and was intended as a temporary measure during the financial crisis. It was never a part of the fiscal cliff scenario that Congress cooked up when their budget negotiations failed a couple years ago, and it us dustinct from the higher taxes referred to in the article. Also, payroll taxes fund social security, which is underfunded, so it makes sense to let that “holiday” expire.
[...] America, so you thought that Barack Obama and Democrats were just looking to raise taxes on the rich, eh? This past Friday when you received your pay check you realized otherwise. So many jealous and envious people were so caught up in Obama’s class warfare in taxing and punishing the so-called rich with a tax increase that they did not even consider that Obama was going to raise taxes on them too. Don’t say you were not warned. [...]