Deal or No Deal: A Tax Hike for Every Working American

Posted by on Jan 01, 2013 at 8:18 pm

Deal or no deal, taxes are increasing for every single working American. And it appears no “fiscal cliff” proposal or provision being offered by the White House, Democrats, or Republicans will alter this fact.

The tax every working American will be hit with? The payroll tax increase.

“That means that the paychecks for more than 160 million Americans will be 2 percent smaller starting in January, as the payroll tax will jump from 4.2 percent to 6.2 percent. And a huge number of those hit will be middle class or working poor (Two-thirds of those in the bottom 20 percent would be affected by a payroll tax hike.),” describes the Washington Post.

Full story.

One Response to “Deal or No Deal: A Tax Hike for Every Working American”

  1. magic chocolate fountain guarded by unicorns on 2/02/13 at 2:42 pm

    Glorious socialist utopias aren’t cheap are they.