It seems the tax hike or the eliminated tax holiday the 2% -> comes from Social Security (FICA) taxes. No mention anywhere about Fed Income Tax ? ? except for this from what I could find;
The end of the tax break would effectively raise taxes for all wage earners next year, a potential surprise for many despite the expected extension of most individual income-tax rates. That would mean the highest tax burdens since 2008 for most U.S. households, before the Obama administration pushed a tax credit in the 2009 stimulus law and the payroll-tax break.
So yes; No mention on what these extended income tax breaks are , or who gets effected ? What we do know is that there is a 2 % social security tax coming down the toilet in Feb.
Now I will assume , which is always a bad thing The tax hike is in the form of social security 2% tax holiday that was not renewed. Me thinks the income tax hit will only come at the end of the year , when you apply for deductions , like claiming for interest rates yada yada ? ?
Did you see Lawrence O'Donnell's opening segment last night? It is well worth watching (link below). Certainly puts a different perspective on the new Obama Tax Cut. Obama campaigned on bringing back the Clinton tax levels, and he campaigned on $250K cut-off. In light of Pelosi and Schumer calling for a $1M cut-off ...
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