The fiscal cliff has been averted, but at a cost. Most Americans will pay higher taxes this year.
According to the Tax Policy Center, 77% of American households will face higher federal taxes in 2013.
Here’s how it breaks down. If you’re an individual making over $400,000 a year, or a family pulling in more than $450,000 -- your taxes will increase by almost 5%.
Tax rates on capital gains and dividends for wealthier households will go from 15% to 20% under the agreement.
Every worker will see an increase in taxes. That’s because Congress let the payroll tax cut expire on December 31st. So for every $100 you earn in 2013, up to $113,700, you’ll take home $2 less than you did last year.as you have already heard congress is par for the course they did nothing.
look no further then the capitol for the reasons why. as you also heard congress will bear the blame and rightfully so. you were taxed more because the rich got taxed more look at it as a republican punishment for the rich losing a couple of bucks to the country that made it possible for them to be rich, now you see where AIG got the idea right wing entitlements not social program help for elderly, middle class and poor.
Billionaire investor Warren Buffett believes the rich don’t pay enough in taxes. Buffett said his 2010 tax bill was $6.9 million. That was about 17.4% of his income. Even though that’s a lot of money, he was taxed at a much lower rate than 20 other people in his office. An average of 36% of their income went to taxes.
