Tax Increases Coming Whether Fiscal Cliff Is Averted or Not
December
By Sudeep Reddy
Neither the Obama administration nor congressional Republicans want to increase taxes on everyone, but most workers are likely to see lower take-home pay in 2013, eating away at economic growth.
The White House, in its latest offer Monday to resolve the fiscal cliff, made a key concession that would be felt by every U.S. wage earner: allowing the expiration of the payroll tax cut, a provision that has lowered the workers’ share of Social Security taxes by two percentage points for the past two years. That translates into an average tax increase of about $1,000 a year for the typical American household making about $50,000 annually.
https://blogs.wsj.com/economics/2012/12/19/tax-increases-coming-whether-fiscal-cliff-is-averted-or-not/