JLF’s John Hood assesses the fiscal-cliff deal in this column, and he points out the surprise that’s coming soon for many Americans. Well, it’s a surprise only if you believed the president’s rhetoric.
The final deal allowed the payroll tax to go up two percentage points on everyone, which is why workers across America are about to get their first paychecks of 2013, see a higher tax bite, and hit the roof, given how often they were told that only “the wealthy” would see higher taxes if President Obama and Congress got their way.
I have already seen the “hit the roof” moment from a person who lashed out at me because I pointed out that 2013 paychecks will contain less money than before, even though his salary has not been cut. He is still convinced that only the Big Bad Rich will see a bigger tax bill — they don’t deserve their money, after all — because that’s what the president said.
Uh, no.
