(Bloomberg) The Deal Congress Passed Means Higher Taxes on 77% of Households

Posted by Kendall Harmon

The budget deal passed by the U.S. Senate [and House]... would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of [December 31]

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Filed under: * Economics, PoliticsEconomyConsumer/consumer spendingPersonal FinanceTaxesThe U.S. GovernmentBudgetMedicareSocial SecurityThe National DeficitPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

Posted January 2, 2013 at 7:41 am [Printer Friendly] [Print w/ comments]

1. Scatcatpdx wrote:

Classic liberal political bait and switch:  demagogue how the very rich is not paying “their fair share” (contrary to CBO data, the rich pay a large percentage of total tax revenue) that raise taxes on a lager group including rich and middle class.

For me I find it immoral that the we the majority in the lower and middle class majority should force a larger burden on the minority of rich while refusing to increase our tax burden. If one thinks high taxes is good for the rich goose then its good for the middle class /poor gander.

January 2, 1:54 pm | [comment link]
2. Br. Michael wrote:

And, of course, reductions in the rate of spending increases (Spending cuts in Washington speak)  are postponed for two months at which point they will fade from the scene.  And of course the legislation also increases spending.

January 2, 9:40 pm | [comment link]
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