With the passage of the fiscal cliff bill, the Democrats and Barack Obama have successfully raised taxes on millions of middle class workers, as the payroll tax holiday was not extended as part of the bill. Thanks to Obama, the a typical American household will see their out of pocket taxes go up by approximately $1000 in 2013, or roughly $83 per month.
Job well done!
Edit for link:
But lawmakers’ decision not to reverse a scheduled increase in the payroll tax that finances Social Security, while widely expected, still means that about 77 percent of households will pay a larger share of income to the federal government this year, according to the center’s analysis.
The tax this year will increase by two percentage points, to 6.2 percent from 4.2 percent, on all earned income up to $113,700.