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, Politics Economy Consumer/consumer spending Personal Finance Taxes The U.S. Government Budget Medicare Social Security The National Deficit Politics in General House of Representatives Office of the President President Barack Obama Senate
Posted January 2, 2013 at 6:41 am
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