Fiscal Cliff Tax Hike to Hit $30,000 Worker Harder Than $500,000 Earner

Discussion in 'Politics' started by Wehrwolfen, Jan 5, 2013.

  1. Wehrwolfen
    Offline

    Wehrwolfen Senior Member

    Joined:
    May 22, 2012
    Messages:
    2,752
    Thanks Received:
    338
    Trophy Points:
    48
    Ratings:
    +339
    Fiscal Cliff Tax Hike to Hit $30,000 Worker Harder Than $500,000 Earner​





    by Wynton Hall
    5 Jan 2013

    Last week, President Barack Obama said that under his fiscal cliff deal “more than 98% of Americans and 97% of small businesses will not see their income taxes go up.”

    But according to new figures from the nonpartisan Tax Policy Center, that’s not so—by a long shot.

    In fact, the income taxes of 70% of Americans will rise. Middle-class workers making between $30,000 and $200,000 will pay up to $1,784 more, a larger percentage increase than for those earning between $200,000 and $500,000.

    Tax Policy Center co-director William G. Gale explains:

    Under the agreement, taxes will go up in 2013 relative to 2012 - not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut. For most households, the payroll tax takes a far bigger bite than the income tax does.

    Throughout the 2008 and 2012 presidential campaigns, Mr. Obama promised to cut taxes for middle class voters. But the Tax Policy Center says the average American’s tax bill, regardless of income, will climb $1,257.

    **snip**

    Read More:
    Fiscal Cliff Tax Hike to Hit $30,000 Worker Harder Than $500,000 Earner
     
  2. Plasmaball
    Offline

    Plasmaball Gold Member

    Joined:
    Sep 9, 2010
    Messages:
    20,630
    Thanks Received:
    1,406
    Trophy Points:
    175
    Ratings:
    +1,904
    didnt you already post this?
     
  3. bobcollum
    Offline

    bobcollum BANNED

    Joined:
    Sep 1, 2011
    Messages:
    9,428
    Thanks Received:
    1,002
    Trophy Points:
    0
    Location:
    where I'm located
    Ratings:
    +1,003
    Ironically, you'll probably still hear more bitching from the wealthy too.
     
  4. Plasmaball
    Offline

    Plasmaball Gold Member

    Joined:
    Sep 9, 2010
    Messages:
    20,630
    Thanks Received:
    1,406
    Trophy Points:
    175
    Ratings:
    +1,904
    remember the 47% dont pay taxes.
     
  5. bobcollum
    Offline

    bobcollum BANNED

    Joined:
    Sep 1, 2011
    Messages:
    9,428
    Thanks Received:
    1,002
    Trophy Points:
    0
    Location:
    where I'm located
    Ratings:
    +1,003
    Conservatives will be losing sleep over that line for the next 4 years. :lol:
     
  6. Luddly Neddite
    Offline

    Luddly Neddite Diamond Member

    Joined:
    Sep 14, 2011
    Messages:
    53,216
    Thanks Received:
    8,455
    Trophy Points:
    2,040
    Ratings:
    +20,830
    [​IMG]

    The right still doesn't understand the difference between INCOME and PAYROLL taxes. Quit bitching. The pubs refused Obama's deal that would have included huge spending cuts but no payroll tax increase. If you don't like what the pubs did, take it up with them.
     
  7. Ravi
    Offline

    Ravi Diamond Member

    Joined:
    Feb 27, 2008
    Messages:
    81,431
    Thanks Received:
    12,698
    Trophy Points:
    2,205
    Location:
    Hating Hatters
    Ratings:
    +29,884
    $30,000 x 2% = $600.

    So your $30K worker will take home $600 less. How many of them thanked Obama for the two year break to begin with?

    Oh, right, none.

    But I do think the Republicans should campaign on lower income earners being forgiven any payroll taxes.

    :thup:
     

Share This Page