Sunday, September 19

Tax increases for a happy 2013

The Heritage Foundation lists 13 tax increases for the new year 2013. See 13 Tax Increases in 2013.

The item that will affect the most people is

Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”