Wednesday, January 2, 2013

Despite deal, taxes to rise for most Americans

Global markets celebrated the manufactured certainty by rallying as 99% of American face higher taxes in 2013. After all the hype and drama, the Cliff was little more than meaningless line in the sand presented to the public as their economic savior.  Raising taxes will only augment the pain and anger as the major cycles change from up to down in 2015.  No amount of manufactured political drama will stop the transition;  this likely means social and political consequences in 2016.

Headline: Despite deal, taxes to rise for most Americans

WASHINGTON (AP) -- While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year.

Source:  more


Insights is intended to reflect excellence in effort and content. Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations.Thank you for your contribution