Got an email from someone’s HR about the new tax rates.
Its just the beginning. Even Tom Petters & Bernie Maddow know we are hosed as a country. We can’t even balance the budget in one year, let alone pay down the debt or liabilities.Congress has 2 months to pretend its all ok. The next fight is the debt ceiling. If it doesn’t get increased, everyone will see massive tax hikes. We’re running over a trillion in the red. All of the tax increases passed on Tuesday don’t come close to bringing in another trillion. When they were talking people earning over $250K a year it ‘supposedly’ would be $82 Billion a year in revenue. They shrunk that pool so it won’t even come that close. To quote Clint Eastwood “This is the greatest hoax ever perpetrated on the American people”This “deal” will run its course in just weeks. The dangnamit Republicans should have let us go off cliff so cuts would have been made and everyone would have felt the pain of having to pay for kid in the candy store government. Instead everyone is just annoyed but still addicted to the government cheese. Don’t cut my program. Don’t raise MY taxes. Tax that guy over there and give it to me.Good explanation of the 2% impact.
That’s because payroll taxes will increase on most workers after Congress decided not to reverse an expiration of a payroll tax cut – a development that was largely expected. Payroll taxes rose to 6.2% under the deal, from 4.2% last year.
The nonpartisan Tax Policy Center estimates that 77% of Americans will see higher taxes because of the elimination of the payroll tax cut, meaning $115 billion less in disposable income. …
A household making $50,000 to 75,000 a year will make $822 less this year than last year, according to Rosenberg’s calculations. Those making $75,000 to $100,000 will see $1,206 less in their paychecks, while those making $200,000 to $500,000 will see a drop of $2,711 in their paychecks.