Saturday, January 5, 2013

Update to payroll taxes are taxes, too

President Barack Obama made a video about the fiscal cliff.  In that video, he stated,"You know my top priority has been preventing a tax hike that could have hit 98 percent of all Americans in 2013. Because the last thing middle-class families can afford right now would be to pay upwards of $2,000 more in taxes this year."  He left out income taxes in that video.  Payroll taxes are taxes, too.  According to FactCheck and the Tax Policy Center, 77 percent of Americans will be paying more in taxes in 2013 than they did in 2012.  Politicians are trying hard to view this, not as a tax hike, but simply as an expiration of the tax cut.  I guess if you don't specifically vote for taxes to hike, you can hide whatever tax hikes you want. This is how I'm reacting to this situation.

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