Fiscal cliff deal would hit the rich – but it could have been worse
January 1st, 2013
06:13 PM ET
10 years ago

Fiscal cliff deal would hit the rich – but it could have been worse

New York (CNNMoney) - The rich would see a much bigger tax bill under the fiscal cliff deal that passed the Senate early Tuesday morning, but even they would get some nice breaks.

Those making a million and up would pay $122,560 more in federal taxes, on average, according to new estimates by the Tax Policy Center. That means this group, which includes those bringing home many millions of dollars, would see a 5.7% drop in after-tax income.


Filed under: • Fiscal Cliff
soundoff (8 Responses)
  1. rs

    It is readily apparent we (as a nation) can no longer afford the rich and all of the "gifts" the GOP has lavished them with. I say go with the top tax rates from 1958- 87%.

    January 1, 2013 06:35 pm at 6:35 pm |
  2. Eddie Lee

    It would hit some of high salary people of star atheletes and medical doctors or private practice lawyers. However, the asset owners of equity and real estate will get a huge relief rally in asset valuation as well as a nice defense on cap gain and the newly agreed inheritance tax rates and exemption level. Many large-size asset holders have multiple measures to ensure most income is untaxed through rolling to the next generation or taxed at lower rates via capital gain treatments.

    January 1, 2013 06:40 pm at 6:40 pm |
  3. mcskadittle

    its all in the House Republicans hands now, if they vote it down, it will be all their fault. Republicans in the Senate passed it.

    January 1, 2013 06:42 pm at 6:42 pm |
  4. Mikey

    ...and how does that compare to how much they would pay under 1980 tax law if you adjust all the brackets for inflation? Having to give back a small portion of the tax advantages they have enjoyed over the past 30 years is nothing to whine about, especially since the top 1% has captured virtually all the growth in wealth over that period.

    January 1, 2013 06:52 pm at 6:52 pm |
  5. Kathy Kilpatrick

    I am shocked & totally dismayed with Congress. What I see is two parties so filled with selfserving & selfwillingness that they have forgotten the real purpose of their job. They were elected to represent & serve the people in our best interest. How sad that our best interest is of no concern to Congress. Such inefficency being shown by our Congress is inacceptable ! Congressmen were elected to work together,what a poor example you are showing the world. We should never have been allowed to even approach going off the fiscal cliff...this is a major failure. This was not an impossible proposition,instead it was turned into one by our incompetent men in public service. Yes, Congress, you work for me & every other tax paying American. Do you deserve a pat on the back along with a raise or to be fired? I'd say the latter. You are a disgrace & embarrassment & if you think your constituents are proud, think again. I dare say few of you will be reelected due to this travesty. Raise taxes 2%, quit paying for a war that's finished,bring our soldiers home, create jobs to improve our infrastructure, quit borrowing money to turn around & loan or give away to foreign countries. It's time to help ourselves for a period of time, we're a sick nation incapable of governing ourselves apparently. Focus on America & it's people for a while,& keep your nose out of other countries business. Enough said! Good luck Congress I hope you can repair the disgraceful image you've created of yourselves in our eyes.

    January 1, 2013 07:32 pm at 7:32 pm |
  6. Muriel OBrien

    names of the senators who voted against the bill & who were the 3 didnot vote

    January 1, 2013 07:35 pm at 7:35 pm |
  7. S.B. Stein E.B. NJ

    I think that this is better than they were getting before hand. We need to cut some spending. We also need to raise revenue. This is the best way to do it.

    January 1, 2013 08:57 pm at 8:57 pm |
  8. Claudia, Houston, Tx

    The rich will take a hit on reported wealth inside the U.S. but not on their offshore accounts. When Forbes put out it's report of the richest Americans I'll bet you a million to one you'll see many are no longer on that list, the rich will always be just fine.

    January 1, 2013 10:47 pm at 10:47 pm |