• If you are having problems logging in please use the Contact Us in the lower right hand corner of the forum page for assistance.

TOPDawg's Deal raises taxes on the middle class

hypocritexposer

Well-known member
Maybe the House could get an amendment, or something. Or maybe in the next couple of months, go against TOPDawgs wishes and sign a new bill, lowering taxes on the middle class, like Bush did.

The higher taxes on the wealthy would likely slow the economy a little bit. But a bigger drag would come from a tax hike Democrats and Republicans aren't even bothering to fight over: the end of a two-year Social Security tax cut. The so-called payroll tax is scheduled to bounce back up to 6.2 percent this year from 4.2 percent in 2011 and 2012, amounting to a $1,000 tax increase for someone earning $50,000 a year.


Mark Zandi, chief economist at Moody's Analytics, calculates that the higher payroll tax will reduce economic growth by 0.6 percentage points in 2013. The other possible tax increases – including higher taxes on household incomes above $450,000 a year – will slice just 0.15 percentage points off annual growth, Zandi said.

http://www.huffingtonpost.com/2013/01/01/higher-taxes-in-2013-even_n_2392693.html
 
Top