Average Tax Increase Under Fiscal Cliff Bill Will Be $1,635 Per Household

Weaselzippers has;

Average Tax Increase Under Fiscal Cliff Bill Will Be $1,635 Per Household

Thankfully we don’t live in a service-based economy because if we did this could be a big problem.

Via Bloomberg News:

The budget deal passed by the U.S. Senate today would raise
taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

HT: DRUDGE

Thank You Zip and Bloomberg

75% of Obama's Proposed Tax Hikes Go Toward New Spending