As we have been telling you...a tax hike for all of you is coming in just days...A big one.
While the wealthy media and the wealthy pols argue over whether "rich" starts at $400K or $1M, a family with a $50K annual income will see an extra thousand dollars in taxes in January 1.
That's when the Obama-era cut to the FICA payroll tax expires. Just like when Bush-era tax rates expire, it has to be considered a hike in taxes on the middle class especially.
CBS reports the President is not asking for a renewal of the 4.2% employee rate, which will revert back to 6.2%....That's a 46% increase in this tax alone.
Wow !......so much for middle class families.
Will the 2% Social Security payroll tax cut expire? - CBS News