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Jennifer is Co-host of The Story of Liberty Radio Broadcast, video editor and creator, blogger & Web designer for the Story of Liberty. TheStoryofLiberty.net

Workers making $30,000 will take a bigger hit on their pay than those earning $500,000 under new fiscal deal

Workers making $30,000 will take a bigger hit on their pay than those earning $500,000 under new fiscal deal.

Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.

Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.

Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.

Nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal

 

While the lower brackets will take a bigger hit to their paychecks than those in the $200,000 to $500,000 bucket, their overall federal tax rate will remain smaller

 

 

Workers making more than $1 million will pay an average 7.8 percent more – or an additional $170,341 – under the new law

 

 

 

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