My Comments: Over Taxation is WHY our ancestors left England and the entire reason for the Boston Tea Party outrage. Hang onto your pocketbook; on the surface the tax hike doesn't look all that bad, BUT the full implementation of Obamacare Jan 1, 2014 DOES and IS. Each and every tax paying American will bore hidden taxes, many not even health care related, at an estimated cost of $6,000 a year. Below is the tax increase by income level NOT including HUGE increases due to Obamacare.
Reference:
http://moneymorning.com/ob-article/obamacare-taxes.php?code=t-oc-taxes
Information below posted by Laura Green; Thursday, Jan. 3, 2013
A temporary Social Security payroll tax reduction is expiring, hitting nearly every wage earner. Income taxes on the wealthy are going up too.
How the various tax increases will affect households at different income levels:
Annual income: $20,000 to $30,000
- Average tax increase: $297
Annual income: $30,000 to $40,000
- Average tax increase: $445
Annual income: $40,000 to $50,000
- Average tax increase: $579
Annual income: $50,000 to $75,000
- Average tax increase: $822
Annual income: $75,000 to $100,000
- Average tax increase: $1,206
Annual income: $100,000 to $200,000
- Average tax increase: $1,784
Annual income: $200,000 to $500,000
- Average tax increase: $2,711
Annual income: $500,000 to $1 million
- Average tax increase: $14,812
Annual income: More than $1 million
- Average tax increase: $170,341
For 2013, households making between $500,000 and $1 million will pay $14,812 more in taxes, says the Tax Policy Center analysis. Households making more than $1 million would get an average tax increase of $170,341.
Report Source: Tax Policy Center
Article Source:
http://www.palmbeachpost.com/news/news/national-govt-politics/fiscal-hangover-americans-will-see-a-payroll-tax-i/nTkhP/
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