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We can talk dysfunction in Washington DC but at the end of the day what does the cliff agreement means -- paycheck to taxes.
And your stock portfolio.
-- Fox Business is break it down for you by end come all day today in this -- Peter Barnes is back.
A what it means if you make between 75 to 100000 dollars -- That's right share on -- we're looking at how a bunch of new taxes are hitting taxpayers starting this year including.
From this week's tax bill the big change this week of course was the restoration of the top.
Marginal tax rate 39 point six.
From the Clinton Era for individuals making more than 400000.
A year families -- -- more than 450 those taxpayers will also see their rates on capital gains and dividends.
Rise to 18% from 15%.
On related to this week's tax legislation.
Is a new tax under the president's Health Care Reform law -- three point eight -- percent Medicare surcharge.
On investment income for individuals making more than 208 -- year families making more than 250.
But the tax increase that will hit.
Pretty much all taxpayers -- come as well as -- is the expiration of that payroll tax cut from the last two years and that is the main thing increasing taxes for taxpayers.
Households earning 275000.
Their tax bill will go up by an average of about 12100 dollars according to the tax policy institute -- Social Security withholding.
Rises from six point 2%.
Two this year from four point 2% last year Cheryl and Adam.
Right Peter Barnes thank you very much ado let everybody know that next hour Peterson Milliken how much the -- deal.
That it costs you if you make between -- 10200000.
Dollars and a reminder if you missed any part of this you can find it on foxbusiness.com.
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