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

scrow Wrote: Jan 02, 2013 12:00 PM
Who said that 47% of people pay no taxes? It can't be Romney, he didn't mention taxes at all in conjunction with 47%.
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%,...