Taxes Rise for Most Americans Wednesday, January 2, 10:52 AM ET
Though the Senate and Congress passed a deal that prevented the United States from going over the dreaded “fiscal cliff,” nearly all Americans will be paying higher taxes in 2013. The legislation that was passed did not extend a two percent payroll tax holiday enacted during the recession, which would mean that a worker earning $50,000 per year should expect to pay about $1,000 more in taxes this year. For wealthier taxpayers, the increases are higher; households making between $500,000 and $1 million would get an average tax increase of $14,812, while those earning more than $1 million should expect an average tax increase of $170,341.
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