Deal means taxes will rise for most Americans

Deal means taxes will rise for most Americans

Most Americans will pay higher federal taxes in 2013, even though the tax package Congress passed New Year’s Day will protect 99% of Americans from an income tax increase.

About 77% of American households will face higher federal taxes in 2013 under the agreement negotiated between President Obama and Senate Republicans, estimates the Tax Policy Center, a nonpartisan Washington research group.

That’s because even though just 1% of households will pay higher income taxes, an increase in federal payroll taxes will hit nearly every wage earner, the Tax Policy Center says.

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