Partially obscured by the hoopla on Times Square and the bizarre Fiscal Cliff legislative process, is a simple fact: Your taxes have gone up … even if you’re not a millionaire or billionaire making more than $200,000 (oops, I meant $400,000)..
There are 2 big ones: elimination of the 2% payroll tax “holiday” … and the ObamaCare tax on “unearned income”
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Payroll Tax
For the past 2 years, payroll taxes – you know, the automatic deductions for Social Security and Medicare – were reduced by 2% to stimulate the economy.
The so-called “2% tax holiday” ends on December 31 and there are no apparent moves to renew it.
According to USA Today:
A temporary reduction in Social Security payroll taxes expires at the end of the year and hardly anyone in Washington is pushing to extend it. Obama hasn’t 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 this one .
Bottom line: The expiration will cost a typical worker about $1,000 a year, and two-earner family with six-figure incomes as much as $4,500.
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ObamaCare Tax …
The Homa Files 