Between MLK day and the Inauguration, I can’t help but be warmed by these two meme-y graphics I’ve seen floating around the Internet.
Click the above graphic to enlarge.
From the Wall Street Journal:
In the nick of time, and amid much political drama, Congress passed the American Taxpayer Relief Act on New Year’s Day—averting massive tax increases for nearly all earners that were slated to take effect Jan. 1.
Even so, millions of people soon will feel something less than relief from the new law.
The bill approved in Congress to avert the fiscal cliff would bring the first major tax increase on high earners in 20 years. Laura Saunders breaks down how new tax increases will impact across different tax brackets. Photo: AP.
While the top 1% of taxpayers will bear the biggest burden, many other families, affluent and poor, will pay more as well.
The most immediate change affects nearly all workers: Congress allowed a two-percentage-point cut for the employee portion of the Social Security tax to expire. As a result, each will owe up to $2,425 more in payroll tax this year than in 2012.