Economic Implosion Inevitable: Tax Rates Are Now PERMANENT! Any Deficit Reduction Will Have To Come From Spending Cuts. The Expiration of A Payroll Tax Cut Is Just The Beginning As The Fiscal Deal Will Increases Debt By $4 Trillion Over 10 Years! Market Rally Won’t Last More Than 24/48 Hours.

Wednesday, January 2, 2013
By Paul Martin
January 2nd, 2013

2013 Taxes Are In Effect! If You Are Making Between $50,000 And $200,000 A Year, You Will See Your Biweekly Check Cut By $68 Or More

from Bloomberg:

The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

The Rest…HERE

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