Fiscal Cliff Deal Raises Taxes for 77 Percent of Families Starting at $40K and Up
Perhaps the mind-numbing specifics are not that important, but the end result is for American families making $40,000 or more in 2013 paying rising taxes. Here’s a quick peek at some of the “low lights” of the fiscal cliff compromise (via Fox Business):
- Individuals or households who make between $40-$50,000 this year will see their taxes go up by an average of $579 for the year.
- For those making $50-$75,000 that number will be $822.
- The top tax rate for the biggest earners in the U.S. will go from 35% to 39.6%.
This comes on top of another Obamacare investment income tax of 3.8 percent that is now already in effect for individuals who make $200,000, or couples who make $250,000 a year. It will significantly impact investment income.
Meanwhile, President Obama headed back to Hawaii to finish his $7 million vacation.