A Tax Hike is Coming Soon for the 47% and the 53%
Date: Nov 03 2012
Filed under: Taxes
Mitt Romney thinks 47% of Americans don’t pay taxes. Well, most of those 47% of Americans would beg to differ.
Fact is, a whole lot of folks who don’t earn enough to owe federal “income” tax do pay something called “payroll” tax. Those taxes, which currently consume 13.3% of most Americans’ wages, are levied under the Federal Insurance Contributions Act, or FICA — as in, “Who the heck is FICA, and why is she taking so much of my money?”
And on Jan. 1, 2013, these taxes are set to jump –…
A Tax Hike is Coming Soon for the 47% and the 53% originally appeared on DailyFinance.com on 2012-11-02T15:53:00Z.
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