Did You Know...

**Written by Doug Powers

While President Obama is taking credit for saving the middle class from tax increases, what isn’t being trumpeted across the land is that the Biden/McConnell deal did not include an extension of the payroll tax cut. This means that this year over three-quarters of earners will be paying — you guessed it — higher taxes:

The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

And let’s not forget to add the new Obamacare taxes to the mix — the same ones that even Democrats who voted for the law have admitted will be job killers. There will be no unaffected taxpayers.

Meanwhile, there seems to be some Republican in-fighting on Capitol Hill. Let’s cut away for a live feed of the action in the cloakroom:

**Written by Doug Powers

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