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2013-01-05 Home Front: Politix

Workers making $30,000 will take a bigger hit on their pay than those earning $500,000

[Daily Mail.CO.UK] 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.

Posted by Fred 2013-01-05 00:00|| || Front Page|| [11124 views ] Top

#1 Between higher premiums and higher taxes, I've already seen my check shrink by $250/month. Not exactly small change. Other people/families are going to be seriously hurt by this.

Posted by DarthVader 2013-01-05 00:52|| 2013-01-05 00:52|| Front Page Top

#2 Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.

The Obama-Reid Trickle Down Program for Taxes(c). Prop the 1% up as the target, let the remaining 79% take the hit. Suckers. Watch the flow of redistribution into the Beltway.

Posted by Procopius2k 2013-01-05 08:20|| 2013-01-05 08:20|| Front Page Top

#3 Oh its worse than that. Every place they buy things from is going to bump up prices on account of losing dollar value plus insurance hikes. Does a 10% loss of wealth sound optomistic?

Posted by swksvolFF 2013-01-05 10:33|| 2013-01-05 10:33|| Front Page Top

#4 - was a more effective stimulus than income tax cuts were,

The payroll reduction was sold, written, and approved to be a temporary stimulus. And given the state of the economy, the Keynsian argument suggests that congress should have extended it. The fact that it wasnt further proves that President Obama believes economic growth is secondary to symbolic gestures and political gain. IOW, hes full of shit.

Posted by DepotGuy 2013-01-05 10:33|| 2013-01-05 10:33|| Front Page Top

#5 Economic growth creates freedom and independence, both of which are the enemy of big government control. The juxtaposition of big government dependency and economic growth is madness. The host will eventually succumb. Article 48 of the Weimer constitution gave the President sole power in times of emergency something he took often; something the Champ seeks with a vengeance.

Posted by Besoeker 2013-01-05 11:01|| 2013-01-05 11:01|| Front Page Top

#6 Anyone who whines about when Social Security will go bankrupt should be glad the SSI withdrawal has been returned to normal. That 2% has been coming directly out of the SSI funding. It was easier for the Democratic controlled Congress to do it this way rather than change the tax code.

Of course the young folks are beginning to realize that SSI probably won't be there for them, no matter how much they put in.

Posted by tipover 2013-01-05 12:32|| 2013-01-05 12:32|| Front Page Top

#7 I just think of all these people who voted for Obama, and get smile when I know they'll be hit hardest. Eat it suckers.

Posted by Charles 2013-01-05 14:04|| 2013-01-05 14:04|| Front Page Top

#8 "IOW, he's full of shit."

In any words, he's full of shit, DG. >:-(

Also, what Charles said.

Posted by Barbara 2013-01-05 14:10|| 2013-01-05 14:10|| Front Page Top

#9 Good news! Only the rich will see their taxes go up.

More good news! You are rich!

Posted by Slusorong Bonaparte9215 2013-01-05 15:37|| 2013-01-05 15:37|| Front Page Top

#10 My first check after the new year was $55 less for two weeks. On money I made before the new year???
Govt Employees will see frozen pay and a 10-15% increase in health insurance premiums this year, coupled with a larger pension contribution.
It's a start, they can go after the rest of it later.

Posted by bigjim-CA 2013-01-05 17:08|| 2013-01-05 17:08|| Front Page Top

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