I’ve heard a few of the TV talking heads – and even a few politicos – suggesting that the “fiscal cliff” is really nothing to be concerned about. I beg to differ – strongly.
The President Says….
The Republicans say….
The folks uttering those “no big deal” type comments publicly aren’t the rank and file, hard working Americans that live in my neighborhood.
Here’s what we, the lowly middle and lower class, are looking at:
1) There was a two percentage point reduction, from 6.2% to 4.2%, in the payroll tax from wages paid in 2011 and 2012. This reduction expires on December 31st, resulting in the employee social security tax rate increasing to 6.2% for wages paid beginning on 1/4/13.
2) Tax cuts enacted during the Bush administration are set to expire at year’s end, as well. Not only will the 10% income tax bracket end and revert to 15%, the other brackets will jump up to 28%, 31%, 36% and 39.6%.
Read More: http://www.independentsentinel.com/