I hope you don’t need $1,635, because that is what the average tax increase will be on the majority of Americans.
According to the Congressional Budget Office, 80 percent of American households with incomes between $50,000 and $200,000 will be out more than $1,600 next year. And that’s just the starter.
The much hyped last-minute fiscal cliff deal negotiated Jan. 1 between Vice President Biden, Senate Minority Leader Mitch McConnell, R-Kentucky, and President Barack Obama, cuts only $15 billion in spending but increases tax revenues by $620 billion. The 41:1 ratio of tax increases to spending cuts is no deal for Americans.
The tax increase is primarily due to the expiration of a payroll tax cut, according to the Tax Policy Center in Washington.
While the bill, known as the American Taxpayer Relief Act of 2012, will protect millions of… Read More