Middle class the big loser in "fiscal cliff" deal? | Reduction

Middle class the big loser in "fiscal cliff" deal?

[3] Describes perfectly the feeling for many on Tax Day! Right? Feelings captured, a bravo is in order! BRAVO FOLKS! Enjoy!:) by || UggBoy♥UggGirl || PHOTO || WORLD || TRAVEL ||
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(MoneyWatch) The "fiscal cliff" clash in Washington may leave middle- and lower-income Americans paying more in taxes while preserving a range of tax breaks for various industries and businesses. After Congress opted to let a "holiday" on Social Security taxes lapse, under the bill signed into law on Wednesday working Americans will see a 2 percent increase in taxes on their gross salaries or wages. Make $50,000? That's another $1,000 in taxes withheld every year. Someone making $15,000 would pay an additional $300. But because payroll taxes are capped for incomes greater than $113,700, people whose income exceeds that threshold pay $2,274 more a year. It's a regressive tax: The higher the income, the smaller percentage the increase represents. For everyone, meanwhile, it's a net increase. The top marginal rate -- the tax rate on the highest income brackets -- rose to 39.

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Middle class the big loser in "fiscal cliff" deal?

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Regular wage earners will pay more in taxes, while the wealthy and companies may use strategies to reduce rates

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• corporations
• dpst cbsfiscalcliff
• fiscal cliff
• middle class
• tax breaks
• taxes

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Middle class the big loser in "fiscal cliff" deal?

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