Skip to comments.Middle Class Taxes Just Went Up
Posted on 01/03/2013 9:38:08 PM PST by RC one
Obama Breaks Promise to Not Raise Taxes on the Middle Class.
The headline news from the recent deal to avert the fiscal cliff is that Congress is raising tax rates on wealthy individuals for the first time in nearly two decades. Less noticed is something that may be equally momentous: Congress just raised taxes on the middle class as well.
virtually every worker will still get a smaller paycheck in 2013, because of another tax measure that expired. Beginning in 2009, Congress cut the payroll taxwhich helps finance Social Securityto put a bit of extra spending money in workers' pockets. The law was changed and extended, with the latest version cutting the tax from 6.2 percent of income to 4.2 percent. Congress has now allowed it to lapse for good.
So in 2013, the rate will rise back to 6.2 percent and most workers will have an additional two percentage points of their income automatically deducted from their paychecks. It's easy for anybody to figure out how this will affect themjust calculate 2 percent of your gross pay, up to the 2013 limit of $113,700. For the typical worker earning about $50,000, the reversion to 6.2 percent will cost about $80 per month, or $1,000 per year. The most it could cost anybody is about $2,300
(Excerpt) Read more at brainyquote.com ...
Barack Hussein Obama
and then he raised taxes on every middle class working stiff in the country.
He didn’t sign that bill. The autopen did.
How is brainyquote.com out of US news? Who is US news? I was wondering if they were the old US News & World Report.
Thinking here that some non-conservative sources are catching on to having gotten the business from obumma.
Women, children and minorities hit hardest!
What middle class ?
Women & Minorities? Are’nt those Obama voters?
This is the first shoe to drop. Next year Obamacare officially kicks in.
Boehner and company may get the blame for this and we may lose our majority in the house in 2014 because of it. Never mind the Rats who voted for it - they will be excused as usual.
yep. taxmageddon, dead ahead.
There were a number of Red Hampshire Obamabots squealing like pigs when they got their first checks of the new year...you OWN it...quit bitching.
Yep, my paycheck is noticeably smaller today. But the mainstream media is telling me Obama saved the middle class! /sarcasm
Brainyquote was bought out by US News who sold it to GE who outsourced it to China.
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