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Understanding The Fiscal Cliff Deal

The Fiscal Cliff Deal

The taxes paid by most Americans will definitely increase despite the fiscal cliff deal just signed by Congress.

President Obama has declared that the fiscal cliff deal as a victory for middle class households. This may not be true because taxes are bound to go up and this will lead to an increase in middle class taxes.

The percentage of households and individuals i...

The percentage of households and individuals in each income bracket. “US Census 2005 Economic Survey, income data” . . Retrieved 2006-12-09 . “US Census Bureau, personal income distribution” . . Retrieved 2006-12-09 . (Photo credit: Wikipedia)

America also has a huge national debt of $16 trillion. The tax relief and pork included in the new deal will add about $4 trillion to the national debt over 10 years. The fiscal cliff deal has been hailed as a victory for the middle class but this deal means that about 77% of the American population will pay more federal taxes in 2013. There are bound to be tax increases in 2013 and this affect the people in the middle classes too.

This may seem pretty high but people in high income brackets will pay much more than this in 2013.
The new deal will definitely affect people in the $400,000-$450,000 income bracket.

For those in the top income bracket, investment taxes will increase from 15% to 20%. Another category of top income earners will experience an increase of 4.6% in the taxes they already pay. This means that the tax will move up from 35% to 39.6%.

The Obama 2010 health care law necessitated a higher amount of tax for families which earn high incomes. In 2013, households with incomes in the $500,000 and $1 million bracket will pay $14,812 more. Families making more than $1million per year will fork out $170,341 in federal taxes.

The new tax deal was passed into law on January 1, 2013. The aim is to get more money for social security which is financed by taxes paid by employees and employers of labor. The fiscal cliff deal was opposed initially by republicans but the law has now been passed into law.

Tax Carnival Ecstasy – January 2, 2013

Welcome to the January 2, 2013 edition of Tax Carnival Ecstasy. Alex Fennings starts off our carnival edition with an article on How do you Buy Stocks Online? Bill Smith takes a look at 2011 Federal Tax Filing. We also take a look at the Fidelity New Markets Income Fund (FNMIX) in a post by Habeeb. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back soon.

Alex Fennings
presents How do you Buy Stocks Online? Learn all there is to know! | The Forex Base posted at The Forex Base, saying, “Learn all the information you need to effectively trade stock online and turn a profit”


JD Blake
presents Rhode Island Court says SSQ client offered best price ever posted at Structured Settlement-Quotes Blog, saying, “SSQ company review. We buy structured settlement for a lump sum. Get not one but six free quotes.”


Nicholas Jackson
presents Who Wins?: The ethics, risks, and practicalities of selling a structured settlement or other annuity stream posted at Nicholas Jackson, saying, “Having pension is good, but if you want to have cash, SYSS will arrange for the purchase of full or part of your annuity so you can use it almost immediately.”

Economic Map of the World: Emerging Markets an...

Economic Map of the World: Emerging Markets and Developed Markets as of June 2006 (Photo credit: Wikipedia)

credits

Daniel Rosenstein presents Are your finances on autopilot? | Miss Money Bee posted at Miss Money Bee, saying, “Most people operate under the mindset, “If it isn’t broke, don’t fix it.” This can be a great way to set a routine that works for you and keep to a schedule that helps you avoid forgetting about responsibilities, but when you apply this mindset to your finances, you may be missing out on opportunities to improve yourself and bolster your savings account.”

retirement

Habeeb presents Fidelity New Markets Income Fund (FNMIX) posted at Dividend Paying Mutual Funds, saying, “Fidelity New Markets Income Fund (FNMIX) has $5.5 billion in assets under management and pays an outsized 5.2% dividend. The fund has a strategy of investing 80% of its assets in debt securities of emerging markets including sovereign bonds, agency bonds, corporate and treasury bonds. Examples of emerging market countries include Venezuela, Mexico, Turkey, Qatar, Brazil, etc. If you had invested $10,000 in this fund on July 11th, 2002, your portfolio would be worth $33,085.59 as of July 11th, 2012. This means an average annualized rate of return of 12.8% which is superb”

taxes

Bill Smith presents 2011 Federal Tax Filing posted at 2011 Tax, saying, “If you think 2011 federal tax filing is confusing, maybe this will help you. Below are some things that you will need to know for the tax season.”
That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Tax Carnival Ecstasy – April 17, 2012

Welcome to the April 17, 2012 edition of Tax Carnival Ecstasy.

Maria Clark presents What is a credit card? posted at Credit Cards for Bad Credit Resource.

Maria Clark presents YouTube Credit Inspiration: How to Overcome Credit Card Debt posted at Credit Cards for Bad Credit Resource.

Dorothy presents Selecting a Secured Credit Card posted atSecured Credit Cards.

Sandra Adams presents 4 Unconventional Ways to Build Credit | Credit Cards for No Credit | Teaching Students to Build Credit posted at Credit Cards for No Credit.

tax law

Bill Smith presents What is the Federal Fresh Start Program? posted at 2012 Taxes – Free Tax Filing Options, saying, “Here are the relief programs offered under the original and the new Federal Fresh Start Program.”

tips

Gavin R. Putland presents How to beat revenue-raising fines posted atThe world according to GRP.

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

 


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tax carnival ecstasy, blog carnival.