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How Big Is The US Debt?
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<blockquote data-quote="moreluck" data-source="post: 1076587" data-attributes="member: 1246"><p>A whole lot of people are about to find out they’re one of the evil “rich” people Obama has been railing against.</p><p></p><p>Via <a href="http://www.dailymail.co.uk/news/article-2256972/Middle-earners-hit-hardest-revealed-workers-making-30-000-bigger-hit-earning-500-000-new-fiscal-deal.html#ixzz2H1H8psmR" target="_blank">Daily Mail</a>:</p><p style="margin-left: 20px">Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.</p> <p style="margin-left: 20px"></p> <p style="margin-left: 20px">Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.</p> <p style="margin-left: 20px"></p> <p style="margin-left: 20px">Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.</p> <p style="margin-left: 20px"></p> <p style="margin-left: 20px">‘The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 – not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,’ said William G. Gale, co-director of the Tax Policy Center.</p> <p style="margin-left: 20px"></p> <p style="margin-left: 20px">‘For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore – as [the Congressional Budget Office] and others have shown – was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,’ he added.</p> <p style="margin-left: 20px"></p></blockquote><p></p>
[QUOTE="moreluck, post: 1076587, member: 1246"] A whole lot of people are about to find out they’re one of the evil “rich” people Obama has been railing against. Via [URL="http://www.dailymail.co.uk/news/article-2256972/Middle-earners-hit-hardest-revealed-workers-making-30-000-bigger-hit-earning-500-000-new-fiscal-deal.html#ixzz2H1H8psmR"]Daily Mail[/URL]: [INDENT]Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center. Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported. Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal. ‘The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 – not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,’ said William G. Gale, co-director of the Tax Policy Center. ‘For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore – as [the Congressional Budget Office] and others have shown – was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,’ he added. [/INDENT] [/QUOTE]
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