A whole lot of people are about to find out they’re one of the evil “rich” people Obama has been railing against.
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.
‘For most households, the payroll tax takes a far bigger bite than
the income tax does, and the payroll tax cut therefore – as [the
Congressional Budget Office] and others have shown – was a more
effective stimulus than income tax cuts were, because the payroll tax
cuts hit lower in the income distribution and hence were more likely to
be spent,’ he added.
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