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Be Not Fooled: 77% of Americans Will Pay Higher Taxes

jwillis Wrote: Jan 02, 2013 8:54 PM
Wonder why Obama used the number $200,000 as the point when you’ve made enough money? Currently the Federal Budget deficit is $901,000,000,000. That is amount the Federal government borrowed this year. Point nine trillion. 95% of individuals filing Federal income tax returns report income of less than $200,000. Only 5% report income of $200,00 or more. If the Federal government takes all personal income over $208,660 (100% tax on income greater than $208,660) then the Federal government would have zero deficit. Perfect solution. After all, at some point you’ve made enough money. Source: www cbo gov
Both the Senate and the House passed legislation yesterday to avert and delay the fiscal cliff. But make no mistake - every worker on a company payroll is going to see a tax increase. Take a close look at the first paycheck of 2013 and compare it with the last one of 2012.

The reason is that, while income tax rates have been largely preserved outside of upper income-earners, payroll taxes are going up on everyone by 2%. In 2011, Congress passed a one-year extension of a temporary payroll tax cut, from 6.2% to 4.2%. It's heading back to 6.2%,...