Reply #40: here: "Obama's deal will raise taxes for some low-income workers" - McClatchy

[nashville_brook]

If you earn less than $20K (or $40K-couple) you pay between $400 ad $800 more a year.

http://www.mcclatchydc.com/2010/12/08/104986/under-obamas-deal-taxes-will-rise.html

WASHINGTON — The tax deal struck this week between the White House and congressional leaders has a little bit for most taxpayers in the country. But some of the nation's poorest workers will actually end up worse off.

(snip)

At the same time, the proposal eliminates the "Making Work Pay" tax credit that was originally part of President Barack Obama's 2009 stimulus package and reduced Americans' taxes by up to $400 for an individual or $800 for a couple.

When comparing the Social Security reduction versus the current tax credit, middle- and upper-income Americans will fare far better under the new proposal. But some lower-income workers won't.

The break-even point is $20,000 for an individual and $40,000 for a couple. All other things being equal, make less than those figures in a year, and your taxes will go up come Jan. 1, 2011. Make more and they'll go down.



Read more: http://www.mcclatchydc.com/2010/12/08/104986/under-obamas-deal-taxes-will-rise.html#ixzz18PpNvnLR