The prospect of the American economy careening off a cliff
overshadowed a tax increase that takes effect immediately, rich or not.
Even with the deal on Capitol Hill, the so-called payroll tax is scheduled to bounce back up to 6.2 percent from 4.2 percent in 2011 and 2012.
In practical terms, this amounts to a $1,000 tax increase for someone earning $50,000 a year and a $2,200 tax increase for someone earning $150,000.
Read more: http://www.wtop.com/41/3177861/Heres-the-deal-Your-taxes-are-going-up
Even with the deal on Capitol Hill, the so-called payroll tax is scheduled to bounce back up to 6.2 percent from 4.2 percent in 2011 and 2012.
In practical terms, this amounts to a $1,000 tax increase for someone earning $50,000 a year and a $2,200 tax increase for someone earning $150,000.
Read more: http://www.wtop.com/41/3177861/Heres-the-deal-Your-taxes-are-going-up
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