We Are Witnessing The End Of A Once Great Country: A Fiscal Deal Approved By The Senate And President Means Higher Tax on 77% of Households Which Will CUT $1 IN SPENDING FOR EVERY $41 IN TAX INCREASE, And ‘Somehow’ ADDS Nearly $4 TRILLION To The Deficit Over The Next 10 Years, Now The House Republicans Are Forced To Pass It Or Millions Will Lose Unemployment Benefits And Market Will Crash. WTF!?!?
January 1st, 2013
Senate-Passed Deal Means Higher Tax on 77% of Households
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….