Workers making $30,000 will take a bigger hit on their pay than those earning $500,00

[Freewill]

Now we know why negotiations took so long. Just like the corn husker payoff Obama had to put pork in the bill to even get his party to vote for it. We should be ashamed of the whole process. They keep treating us like idiots and we keep electing them, out with them all. But of course no one will vote their own guy out cause after all he brings home the bacon. Shame on what we are doing to our grandchildren, shame.


Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.

Earners in the latter group will pay an average 1.3 percent more - or an additional $2,711 - in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent - or up to $1,784 - the D.C.-based think tank reported.

Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.


Read more: Middle-earners hit hardest as it's revealed workers making $30,000 will take a bigger hit than those earning $500,000 in the new fiscal deal | Mail Online
Follow us: @MailOnline on Twitter | DailyMail on Facebook

 

[francoHFW]

So I'm sure Pubs won't stand in the way of another payroll tax holiday LOL...

 

[Politico]

Doncha love how the rich use dollar numbers when they complain but the poor people use percentages.

 

[Freewill]

Doncha love how the rich use dollar numbers when they complain but the poor people use percentages.

Interesting observation.

 

[Nova78]

Obama- I will pry your last dime from from your cold dead hands.

 

[Charles_Main]

Now we know why negotiations took so long. Just like the corn husker payoff Obama had to put pork in the bill to even get his party to vote for it. We should be ashamed of the whole process. They keep treating us like idiots and we keep electing them, out with them all. But of course no one will vote their own guy out cause after all he brings home the bacon. Shame on what we are doing to our grandchildren, shame.


Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.

Earners in the latter group will pay an average 1.3 percent more - or an additional $2,711 - in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent - or up to $1,784 - the D.C.-based think tank reported.

Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.


Read more: Middle-earners hit hardest as it's revealed workers making $30,000 will take a bigger hit than those earning $500,000 in the new fiscal deal | Mail Online
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Welcome to the Reality of Obama's Lies. I can think of 2 big ones exposed with this deal. First that he would not raise taxes on anyone making less than 400k. Opps sorry enjoy your extra 2% in Payroll Taxes.

Second that he claims this is a Balanced approach, Really? 41 Dollars in new Revenue, that adds up to less than 10 days worth of spending, to every 1 dollar in spending cuts? that is Balanced?

Obama is consistent at one thing though, He is consistently dishonest and full of fucking BS. Today I heard him claim he met the GOP more than Half way with this deal. Huh? Really? Where are the cuts?

What a fucking 2 faced, lying fuck he is, and the same goes for the GOP for agreeing to this BS.

Yeah, Yeah, I know they think now that they have the "Tax Issue" out of the way they have Obama right where they want him on Cuts, But that is wishful thinking. As far as Obama is concerned this is only the first step to more taxes, and while he occasionally says stuff about making cuts. Rest assured the only cuts he will ever agree to will be in Defense. His language in the last few days actually suggests his still thinks we need to spend more, Not less.

Epic Failure of a leader. He is nothing but a feel good, Nice looking, Sweet Talking, figure head of an Ideal that people vote for. The man they think they support does not exist. All there is, is this stubborn hell bent Ideologue. Who cares more about dealing a Fatal blow to the GOP, than securing Americas Economic future.

 

[NYcarbineer]

Obama isn't raising the payroll tax. The payroll tax is not in the bill.

 

[Freewill]

Obama isn't raising the payroll tax. The payroll tax is not in the bill.

That is the sum total of your comments on another BS deal coming from Washington??? Really?--

Bosses: Don't blame us for smaller checks

Obama lied.

 

[Charles_Main]

Obama isn't raising the payroll tax. The payroll tax is not in the bill.

God you are dense, it's going up because they did not extend it in the bill.

 

[Charles_Main]

Obama isn't raising the payroll tax. The payroll tax is not in the bill.

God you are dense, it's going up because they did not extend it in the bill.

Sorry I forgot that you guys are incapable of blaming Obama for anything.

 

[boedicca]

It's actually not true - the affluent middle class will get hit the worst.

...Under the new law, some of the steepest tax increases may fall on upper-middle class earners with incomes just above $250,000. Here's why:

During the negotiations, the White House won a concession from Republicans to allow phaseouts for personal exemptions and limitations on itemized deductions, starting at an income of $250,000 for individuals and $300,000 for joint filers.

The Senate Finance Committee informs us that in effect the loss of the personal exemptions, currently $3,800 per family member, can mean a 4.4 percentage point rise in the marginal tax rate for a married couple with two kids and incomes above $250,000. A family with four kids in that income range faces about a six percentage point marginal rate hike. The restored limitations on itemized deductions can raise the tax rate by another one percentage point.

High-income Americans with incomes of more than $1 million may lose up to 80% of their itemized deductions for home mortgage payments, health care, state and local taxes—and charities. Cue the local symphony's development office.

Add it together and families in the 33% tax bracket could see their effective marginal rate paid on each additional dollar earned rise to above 38%.

A store manager married to a dentist with a combined income of, say, $350,000 may pay a higher tax rate under the new law than if the tax code had simply reverted back to the Clinton-era rates that Mr. Obama championed. Those earning more than $450,000 would see their de facto tax rate rise to about 41% under the new law, not 39.6%. Add in the new ObamaCare investment taxes and the tax rate on interest income is close to 45%.

How did this happen? Recall that early in the fiscal-cliff negotiations House Speaker John Boehner offered to cap itemized deductions to raise $800 billion, in lieu of raising tax rates, if the President would agree to spending cuts. The White House rejected that.

Mr. Obama then insisted on reviving PEP and Pease, thereby recapturing much of the income he claimed to be "compromising" away by agreeing to a higher income threshold for the top bracket. But instead of using phaseouts to offset higher rates as Mitt Romney proposed, Mr. Obama insisted on raising tax rates too.

Democrats are advertising the higher $400,000-$450,000 threshold as a victory for affluent taxpayers in blue states. But with PEP and Pease these Democrats are hammering their own constituents via the backdoor.

Taxpayers in blue states claim roughly twice as much in itemized deductions as those in red states. Income tax rates are steeper in California and New York than Texas and Utah. Chuck Schumer just put a tax bull's-eye on upper-income Manhattanites, and Barbara Boxer whacked Silicon Valley. Some $150 billion, about one-quarter of all the money raised by this tax bill, will come from this stealth tax hike. ...

Review & Outlook: The Stealth Tax Hike - WSJ.com