YAY austerity! Fiscal Cliff Deal Will Raise Taxes On 77 Percent Of Americans

[Fire Walk With Me]

TruthBeckons ?@BeckonsTruth

Fiscal Cliff Deal Will Raise Taxes On 77 Percent Of Americans http://fb.me/14IlGq1us

http://www.huffingtonpost.com/2013/01/02/fiscal-cliff-raise-taxes_n_2395559.html

WASHINGTON -- 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.

The Tax Policy Center, a nonpartisan Washington research group, estimates that 77 percent of American households will face higher federal taxes in 2013 under the agreement negotiated between President Barack Obama and Senate Republicans. High-income families will feel the biggest tax increases, but many middle- and low-income families will pay higher taxes too.

Households making between $40,000 and $50,000 will face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. Households making between $50,000 and $75,000 will face an average tax increase of $822.

[Drunken Irishman]

1. The payroll tax cut was always supposed to be temporary.

This isn't austerity, especially when the cuts are taking away from Social Security in the long run.

[PDJane]

2. That's misleading as hell. The payroll tax isn't a tax; it pays for Social Security.

I suggest lifting the wage cap, and agreeing that the 'tax' is necessary.

[veganlush]

3. c'mon, learn.

That was a temporary withholding holiday for stimulative purposes. Don't be one of them. It was never intended to be permanant

[Llewlladdwr]

5. Still money out of pocket. nt

[veganlush]

7. its needed for ss. n/t

[Lady Freedom Returns]

10. But many are having to choose between food, meds and house...

What use is SS in the future when you can't live now.
We need to force the minimum wage up to a real life amount. Till then we may want to not take so much. That is what should have happened first, before the payroll tax cut ended, but the ball was dropped.

[Rex]

4. .

[PoliticAverse]

6. The planned expiration of the temporary payroll tax reduction actually had nothing to do...

with the fiscal cliff deal.

[bluestateguy]

8. I'm done explaining this to people who weren't paying attention for the last 2 years

This is like a gnat that won't go away.

[LiberalAndProud]

9. This is just hair on fire stupid.

If we want to keep Social Security and Medicare, we'd best be about contributing. Temporary tax cuts were allowed to expire. Big deal. and Yay!

[Lady Freedom Returns]

12. Please see #10. n/t

[dogman]

11. The ignorance is overwhelming.

I knew people would be stupid about this, I'm just surprised that anyone outside the GOP spinners would repeat it.

[Rex]

13. AND you can thank House Republicans for it!

Which will NEVER get talked about on Gush or Socks News!

[jberryhill]

14. WTF about "temporary" do you not understand?

There was a two-year reduction.

It expired.

This post is misleading as hell.

[DevonRex]

15. Same goddamned argument RWers used to NOT let Bush tax cuts expire.

Oh waaah, that socialist communist Obama is raising our taxes!!!!! So, what's your excuse? Hmm?

[Pretzel_Warrior]

16. What you are describing is not austerity.

If they cut government departments massively, laid off public workers, dramatically curtailed food assistance, cut unemployment....devastated hopes of the working class--that would be austerity.