Tax Reform, US Taxes

Taxes To Rise For 163 Million Americans In 2013

Regardless of who wins the election in two weeks, taxes are set to go up for 163 million Americans by as much as $4,500 per year.

A temporary reduction in Social Security payroll taxes is due to expire at the end of the year and hardly anyone in Washington is pushing to extend it. Neither Obama nor Romney has proposed an extension, and it probably wouldn’t get through Congress anyway, with lawmakers in both parties down on the idea.

Even Republicans who have sworn off tax increases have little appetite to prevent one that will cost a typical worker about $1,000 a year, and two-earner family with six-figure incomes as much as $4,500.

Read more at: MyWay News

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