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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Yep - Hope all the Dems like what they voted for! Keep piling on the debit for our children and grandchildren so BO and Company can support their full of cr-p pet projects and keep raising our taxes. Wish the Republicans would have done their job and sent this bill back with budget cuts. No courage!!! The losers are really all of the American people, except of course the ones who do not want to work and are loving the free ride.
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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