CNNMoney.com breaks down how much you could pay.
January 3rd, 2013
03:08 PM ET
10 years ago
Fiscal cliff deal raises taxes on 77% of Americans
New York (CNNMoney) - More than three in four Americans will pay higher taxes for 2013, thanks to the fiscal cliff deal passed in Congress on New Year's Day.
Over 77% of filers will pay more, according to the Tax Policy Center. The average increase is expected to be $1,257, but that figure belies the wide disparity in impact. Those making less than $10,000 a year will pay $68 more in federal taxes, on average, while those making between $50,000 and $75,000 will see an $822 jump. Wealthy filers with incomes of $1 million or more will see a $170,341 spike, on average.
FULL STORY
Tax Policy Center, any other Northquist?
"Who escapes the fiscal cliff tax hike? They are likely retirees, the unemployed, the disabled and the rich who don't work, said Roberton Williams, a senior fellow at the Tax Policy Center. "
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How ironic... you don't work and you get the biggest benefit. Only in Obama-land.
Look at the actual figures, not the inflammatory % or "raising taxes". The reality of this can be made up by adjusting your entertainment budget. Or doing a better job preparing your tax return.
Thank you America for voting Obama back into office. Another broken promise. I am middle class and the taxes that Obama said would not go up have just gone up. Voters for Obama, you are just as much guilty for running this country in the ground as Obama is.
Fair is Fair wrote:
How ironic... you don't work and you get the biggest benefit. Only in Obama-land.
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Consider the alternative. On Ryan-World, if you don't work, then your taxes go up.
While the president lives it up in Hawaii in a luxury home as he increases taxes on hard-working Americans – what about those Obama phones now? And Obamacare? Guess who's paying for it? And all those who think they're getting things for free will be fined when they don't pay the mandated taxes or have mandated healthcare. You were lied to and manipulated – and now we all have to suffer because of it. God help this country – it's being lead down a very dark path under this administration.
Time for go crook like romney and the pig lobbyist grover norquest to pay top dallar both these thieving should be in jail if they don't want to help support the country ,they have all the money they could ever want or need and most people still think their losers and they are !!!!
Dont blame me, I voted for the good guys. Reap what you sow libs. The Nobama Regime lies, but you're too busy lying to yourselves to realize it. You deserve each other. Its just a shame you have to take us Real Americans down with you
Average household income is about $50,000. That equates to about $68 a month.
Before everyone goes crazy, do remember that quite a fair share of these tax increases are the result of the payroll tax cut expiring, the cut that reduced you FICA contributions into Social Security and Medicare from 6.2% to 4.2%. It expired, and though the President did desire another extension, both Republicans and Democrats in the Senate were wary of such an extension, as they worried about reducing FICA revenues without a way to pay them back in the future (your issue of FICA solvency). So, you are just paying what you paid 2 years ago before the payroll tax cut. However, many tax cuts were extended/enacted, including the earned income child tax credit ad the education tax credit; a few of which were originally enacted under the 2009 stimulus bill.
Delaware taxpayers appear to be getting soaked twice under a deal in which the Democratic governor lent $21.5 million to a hybrid electric carmaker to set up shop in the state. The company has yet to produce a car in Delaware, and taxpayers are footing the electric bill for the idle plant.
@Rudy NYC
Fair is Fair wrote:
How ironic... you don't work and you get the biggest benefit. Only in Obama-land.
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Consider the alternative. On Ryan-World, if you don't work, then your taxes go up.
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Anybody capable of working should be working. I'm getting tired of my taxes going up to support the lazy a$$es that just want their government handouts. Perfect example, this woman I was behind in the grocery store was dressed very nice, long manicured fingernails, hair that looked like it was fresh from the beauty shop. Paid for her groceries with foodstamps. I didn't think to much of it until as I want outside after making my purchase, saw her getting into a new mercedes!! That is where the "benefits" need to be reduced. Reduce the fraudulent benefits and that will go a long way to reducing the debt. Anybody on welfare, and no I don't mean the SS that older people have paid in to all their working lives, should be doing public work to receive it, digging ditches, building roads or whatever obama's latest infrastructure stimulus spending is.
Guess I will be paying around 822 since I'm in the medical field.
"God help this country – it's being lead down a very dark path under this administration."
So that's why it's been so cloudy in Minnesota lately? Silly me for not putting two and two together. Shame on Barack Obama for taking my sunshine away. I'll never vote for him again. Not ever.
To Freedom, Phil and Fair is Fair,
You all know Obama was not forced in and we all now the state of things when he took over from GWB. In 2012, the election was not stolen but he won like he did in 2008.
So CRY CRY CRY all you want. Next time make sure you have a "better" candidate that MAJORITY of Americans trust... LOL.
Obama is responsible for everything bad to American even before he got into the white house. Go sit down and pay your fair share of taxes.
On my 6 figure salary, my average increase is $1700? And that kills me? We whine too much around here.
What's that Whats-His-Name said. We will have those bumps in the road. Heads up. More Potholes ahead. But will there be jobs for people to pay taxes on??
"Another broken promise"
Nope, sorry. The exipiration of the payroll tax cut was always going to happen, no matter what you thought you heard. It was always intended to be temporary and if you thought it wasn't, then you were just fooling yourself.
And of course, trust in CNN to write the article in a manner that purposefully obfuscates the REASON why certain income brackets will see small and large increases. Sloppy writing, a little poor editing and poof...a nice fluff piece that gives such a superficial rundown of what's actually happening that it leaves room for people to yammer nonsense like "broken promise" and what not. For those who don't get it: the reason why people under $250K are going to see slight increases is beacuse of the expiration of the payroll tax cut, which was ALWAYS INTENDED TO BE TEMPORARY. Allowing a tax cut to expire when it was, from the very get-go, intended to be temporary IS NOT "RAISING TAXES." That's the same stupid false-logic the GOP/Teatrolls tried to sell about the Bush tax cuts in the first place, which were enacted via Reconciliation because the GOP couldn't overcome the filibuster and needed to resort to dirty tricks to get them passed with just a bare majority....but it also required as part of that procedure that the tax cuts be WRITTEN as temoprary (i.e., with a sunset provision). When it was written to be temporary, its expiration CANNOT be considered a tax hike. To argue otherwise is nothing short of dishonest.
"Paid for her groceries with foodstamps. I didn't think to much of it until as I want outside after making my purchase, saw her getting into a new mercedes!! "
Setting aside how hilarious it is to see contemporary resurrections of Reagan's "welfare queen in a Cadillac," you all need to learn something:
anecdotes =/= data
Freedom
Pull up your big girl panties and just man up. All you do on this board is whine. You throw out accusation, but no facts. I never hear you complain about the Bush/Cheyney unfunded wars, the tax cuts during these wars, the TARP bailout, the auto bailout, the neg 6 percent GDP, the 800,000 jobs/month lost, the unfunded medicare part d or the housing and banking crises. All are policies of GOP.
Phil
Thank you America for voting Obama back into office. Another broken promise. I am middle class and the taxes that Obama said would not go up have just gone up. Voters for Obama, you are just as much guilty for running this country in the ground as Obama is.
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President Obama made it very clear on who he wanted to raise taxes on. The fact that your taxes are going up is due to the Republicans. Don't blame Obama for the Republicans doing what they do
Everyone wants their social security but no one is willing to pay their share. The tax holiday on SS simply expired. We had this discussion at the last election. If the people wanted no SS and MC then Romney would have won by a landslide.
Please face facts bammy doesnt know what to do, except spend, please stop making excuses for this utter failure, point and blame at the problem which is bammy. not a clue of creating jobs, ill close gitmo, stimulis will cut unemp to 5.6%, etc, etc, deficet in half or i wont run again, ill go thru budget line by line
why would it be different now ??? this is what you voted for, enjoy it !!!!!!!!!!!
@fairisfair, get a life and leave the rest of the sane people alone.
Better yet, get a job!