If you make less than $400,000 a year you're okay.
The problem is only a very small percentage of Americans make over $400,000 per year. So, what real good will it do to alleviate the financial burden on the poor? So, it seems like it may just really be a step toward some socialism.
President Obama originally wanted it set at those making more than $200,000 a year. But obviously there are stubborn congressional politicialns that fit that category.
Earlier last year before all this hooplah got started, someone on the L.A. Forum made a post suggesting that maybe the super rich should be taxed about an additional 25%(or maybe it was less) to help those who really need it.
Wrong again. Taxes will be higher and paychecks lower in 2013. Starting this week.
But, part of the deal negotiated in Congress will leave most Americans paying more federal taxes in 2013.
The Social Security payroll tax is going up from 4.2 percent to 6.2 percent.
The tax rate had been temporarily reduced two years ago and both sides let that tax cut expire in this new deal.
So, a household that earns $50,000, will pay a $1,000 more in taxes in 2013.