We're all cliffed anyway

Jan. 1st, 2013 at 10:13 PM

Image from Mother Jones magazine

The New York Times reports the Senate-approved plan to avoid the budget abyss will mean less than 1 percent of Americans will pay higher income taxes next year. Those are people who make at least a half-million dollars a year.

Don't forget, though, that payroll taxes for Social Security are going to increase next year to the level they were at three years ago — from 4.2 percent in 2012 back to 6.2 percent. At FOXNews, Bamini Chakraborty reports, "For households earning $50,000, they will have to pay $1,000 more in taxes in 2013."

So, the money the government won't take out of your wallet in financial canyon-related taxes will be taken from your wallet anyway. It's the difference between getting whupped with a 2-by-4 upside the head once, as opposed to getting whupped once. There's still a world of hurt goin' on.

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( 5 comments — Leave a comment )

anita_margarita

Jan. 2nd, 2013 05:47 am (UTC)

I guess I can be grateful, then, that my income dropped dramatically when I retired.

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felixwas

Jan. 2nd, 2013 03:04 pm (UTC)

I hope that's true.

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nodressrehersal

Jan. 3rd, 2013 04:01 am (UTC)

I don't know why they ever did that temporary thing with FICA to begin with. 7.65% (6.2% + 1.45%) is what it had been since something like 1990. We were used to it, they should've just left it alone.

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felixwas

Jan. 3rd, 2013 05:06 am (UTC)

Why is it that temporary tax breaks always wind up being temporary but temporary tax increases always become permanent?

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nodressrehersal

Jan. 3rd, 2013 09:40 pm (UTC)

Ha! How true that is! But seriously, for all the fear they instill about the longevity and sustainability of Social Security, why ever did they use that platform to give us a tax break?

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( 5 comments — Leave a comment )

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We're all cliffed anyway

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