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

[Wehrwolfen]

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**

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

 

[Plasmaball]

didnt you already post this?

 

[bobcollum]

Ironically, you'll probably still hear more bitching from the wealthy too.

 

[Plasmaball]

Ironically, you'll probably still hear more bitching from the wealthy too.

remember the 47% dont pay taxes.

 

[bobcollum]

Ironically, you'll probably still hear more bitching from the wealthy too.

remember the 47% dont pay taxes.

Conservatives will be losing sleep over that line for the next 4 years.

 

[Luddly Neddite]

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.

 

[Ravi]

$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.