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Despite ‘Fiscal Cliff’ Agreement, Taxes Expected to Rise for Most Texas Residents

Posted on 1/2/2013 by with 0 comments

Party_leaders_meet_during_fiscal_cliff_debateWASHINGTON (AP) — While the tax package that Congress passed New Year’s Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

That’s because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year.

 

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