As many may know by now, the fiscal cliff debate is over, yet there is a lingering question about how taxes are still going up on 77% of the population in the United States.
That is simple. The many stimulus packages that were passed through the government have included things from mortgage refinance, to new car purchases, as well as payroll holidays, and bond buying programs.
Many programs have come to expire with no hopes of returning. One of them is the payroll tax holiday.
As of January 1, 2013 many people will see their checks shrinks just a little because they will no longer be benefiting from the payroll tax holiday. What this really means is that more social security and Medicare type of taxes are going to be seen.
At least we got past the mandatory cuts, right?
The truth is that because of the Affordable Health Care Act and many other programs coming down the pipeline, we can expect to see more taxes outside of the income tax hike that we all averted who make less than $400,000 a year.