Fiscal Cliff Will Raise Taxes on 77% of Americans: I Told You So
We know that the government can’t do anything. Once in a blue moon the government does do something right, but this is not one of those times. An article on Bloomberg.com outlines how this bill will raise taxes on 77% of American families. The only part that pisses me off the most is that I don’t care if I pay more taxes, if they would use that tax more efficiently.
According to Bloomberg:
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.
Does this honestly surprise anyone. President Obama promised a few things: In some speeches he comments promised to raise on millionaires, and billionaires; some speeches those who make $50,000 a year. Doesn’t this piss you off?
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.
If there was one thing that I do agree with, it’s that the 2% social security tax will expire. That tax is basically the only thing that funds the social security program, and well, we all know it’s going broke.
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