This little gimmic should have never happened in the first place.
I have been making the point to Obama supporters that whatever cutoff will be the starting taxing point. Eventually taxes will be raised on everyone else.
Once you start taking money by tax/or force becomes addictive.
The smart people will lower their taxable income below the thresh hold- which force the govt to lower their thresh hold. Pretty soon everyone but the Elites will be taxed into poverty.
I am expecting to hear howls of rage on Friday when my co-workers see their checks.
I will not like the increased taxes rate- but at least I am prepared for what is coming.
However those that live paycheck to paycheck are in for very unwelcome surprise and some unwelcome shocks.
According to the US Census Bureau, the median household income in 2011 was $50054.
So peeling back the editor's editorial insertions, there are some good points. Taxes are going up on "the rich" who can use strategies to avoid much of this. I would be shocked if Obama collects anything near the $62 billion that's claimed.
Taxes ARE going to be raised, and raised far more, on the hoi polloi, a point that the MSM has been largely silent about.
Then there is the cost of the Obamacare mandates and work hour limits...
Obama, Boehner and Reid are paying for all the spending by printing money. The resulting inflation will amount to a silent tax on those with fixed incomes. Again, mostly the hoi polloi. Little wonder that the Democrats want to collect all the guns!
Sac ... not to nitpick ...but FICA withholding only hits the first $113,700 in 2013. So the max increase is $2274 ... $43 per week.