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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 é─˙fiscal cliff,é─¨ 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.

For MarketNewsVideo.com, I'm Sayoko Murase.

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