Saturday, January 5, 2013

Those earning under $200,000 will take a bigger hit than those earning between $200,000 and $500,000 under the Fiscal Deal

Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center. 
Earners in the latter group will pay an average 1.3 percent more - or an additional $2,711 - in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent - or up to $1,784 - the D.C.-based think tank reported. 
Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal. 
'The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 - not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,' said William G. Gale, co-director of the Tax Policy Center.
Read the rest of the story HERE.

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