Increased Taxes for the Middle Class?
The Obama administration has promised that taxes will increase only on people making more than $250,000 for married taxpayers and $200,000 for single taxpayers (read more on this issue by clicking on Tax Increases for the Wealthy). However, one tax cut that is being overlooked is the “Making Work Pay” credit. This credit was exclusively designed as a middle-class benefit (taxpayers who make $75,000 or less). If this credit is not extended, the middle class will experience a decline in their paychecks. CNN has an interesting article on the tax hike nobody seems to be talking about.