Taxes increasing in 2013 for 163M workers

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Monday, October 22, 2012

163 million workers are expected to get a big tax increase in 2013, regardless of who wins the presidential election.

A temporary reduction in Social Security payroll taxes is due to expire at the end of the year and hardly anyone in Washington is pushing to extend it. Neither Obama nor Romney has proposed an extension, and it probably wouldn't get through Congress anyway, with lawmakers in both parties down on the idea.

Republicans question whether reducing the tax two years ago has done much to stimulate the sluggish economy. Politicians from both parties say they are concerned that it threatens the independent revenue stream that funds Social Security.

Read more at KGW.

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