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%,...
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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.
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