John Boehner: '1 In 3 Chance' Republicans Lose Control Of House
Tuesday, April 24, 2012
The bottom 45 million households in the US are going to see their taxes go up. That's because Obama's 'making work pay'-credit ($400/person, $200/couple), even if you're retired or disabled, it's going to go away. And it's going to be replaced by the 'temporary' (heh, sure) 2% reduction in the payroll tax (Social Security tax). For 45 million households who make less than $20k a year, this is a tax increase of $150-$200 each.
On the other end, if you're a two income couple and you make over $100k each and you pay the maximum Social Security tax, you didn't get Obama's 'making work pay'-credit (you're regarded as too well off). But that Social Security payroll tax decrease is going to mean about a $4200 tax cut for you.
So we can see that the scheme of this is that the better off you are, the more help you get from the government. The worse off you are, your taxes go up.
Read the Article at HuffingtonPost
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