The New Year brings new challenges to middle class families.
With or without a fiscal cliff resolution from the House, most Americans will still see a tax increase.
Regardless of whether or not the fiscal cliff resolution becomes law, a jump in payroll taxes in addition to other tax increases makes for the largest tax increase this country has seen in about 50 years.
Starting today your paycheck is likely taking a hit.
Lancaster-based financial expert Rick Rodgers has the details on what the start of 2013 means for tax-payers.
"If we look at the median household income in PA of $51,000, and so for the median working family, if everything is allowed to expire, it's going to be a tax increase of about $2,500."
Allowed to expire was a payroll tax cut enacted in 2011 to boost economic growth. In the fiscal cliff deal negotiated at the last minute Monday night, the payroll tax was left out.
"If they pass the version the Senate had passed last night, if that becomes law, then you're still going to see a $1,200 increase, which is the payroll tax cut," Rodgers concluded.
Which means the average family will have to try and save about $100 a month.
With or without a fiscal cliff resolution from the House, most Americans will still see a tax increase.
Regardless of whether or not the fiscal cliff resolution becomes law, a jump in payroll taxes in addition to other tax increases makes for the largest tax increase this country has seen in about 50 years.
Starting today your paycheck is likely taking a hit.
Lancaster-based financial expert Rick Rodgers has the details on what the start of 2013 means for tax-payers.
"If we look at the median household income in PA of $51,000, and so for the median working family, if everything is allowed to expire, it's going to be a tax increase of about $2,500."
Allowed to expire was a payroll tax cut enacted in 2011 to boost economic growth. In the fiscal cliff deal negotiated at the last minute Monday night, the payroll tax was left out.
"If they pass the version the Senate had passed last night, if that becomes law, then you're still going to see a $1,200 increase, which is the payroll tax cut," Rodgers concluded.
Which means the average family will have to try and save about $100 a month.