Fiscal Cliff Deal Increases Average-Earners' Payroll Tax by $1000; Green Bean Buddy Comments the Deal Could Make Things Worse
The Fiscal Cliff Deal has been passed. And as commented by Green Bean Buddy, the rise in payroll tax that it allowed could make things worse for most Americans.
New York, NY (PRWEB) January 03, 2013
Average income-earners are facing a new financial burden. As reported by aol.com, the newly passed Fiscal Cliff Deal would increase the payroll taxes of average workers. And as Green Bean Buddy commented, with that, the deal could make things worse for most Americans than doing the opposite.
Based on the report, the deal did not prevent the expiration of the payroll tax cut. It stated that the said tax was reduced to 4.2 percent in 2011 and 2012. But as detailed by a post from cnn.com, the deal allowed it to revert to 6.2 percent on the first $110,100 in salary.
As said by Green Bean Buddy, generally, the Fiscal Cliff Deal only increases the income tax of the considered wealthiest Americans. However, as shared but the aol.com report, the expiration of the payroll tax cut could make average-earning Americans $1000 poorer this year. And as said by bloomberg.com, that's 77 percent of the American households.
Here's an excerpt from the post Fiscal Cliff Deal Shrinks Average-Earners' Paycheck by Green Bean Buddy.
“New year, new burden? Well, though not upfront, with the passing of the Fiscal Cliff Deal, that seems to be the case for most Americans. And as it was said, in figures, that burden could convert up to $1000 or even more in an average-earning household.
As it was reported, on Tuesday the Fiscal Cliff Deal has already been passed. Long before the 2012 ended, it was already the “talk” in the world of politics. And now that it was already signed, 77% percent of American households was said to feel its negative impact.”
Entertainment, sports and politics news website Green Bean Buddy commented that although the Fiscal Cliff Deal only increases the income tax of the richest Americans, still the average-earners are affected by it. And as it added, with the payroll tax cut now expired, the deal could make things worse for most workers.
Read More News on Entertainment, Sports and Politics at GreenBeanBuddy.com.
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