Wednesday, January 02, 2013
By Ana Radelatwww.ctmirror.org
Washington—The House approved an agreement late today that avoided a “fiscal cliff”—the coupling of sharp tax increases on nearly all Americans with automatic spending cuts set to go into effect Wednesday.
All Connecticut House members voted for the deal except Rep. Rosa DeLauro, D-3rd District, who said the bill failed to raise taxes on families earning between $250,000 and $450,000 a year.
In addition, DeLauro said, “This legislation fails to address the expiring payroll tax cut, meaning that millions of middle class families will see as much as a $2,200 tax increase, beginning with less take home pay in their next paycheck. This is regrettable.”
Bush-era tax cuts that have lowered the tax rate on all Americans for years expired at midnight on New Year’s Eve. Congress’ approval of the fiscal cliff deal will retroactively reinstate most of those cuts, except for households earning $450,000 or more; these will see their tax rate rise from 35 percent to 39.6 percent.
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Posted 01/02/13 at 04:30 AM
At least folks get their payroll taxes back in the form of SS benefits. Much of other taxes paid is lost to inefficiency, fraud and paying folks to dig and fill in the ditches.