The Fiscal Cliff Deal And Your Taxes
Short Answer: Your Taxes Will Go Up
The new deal to avoid the fiscal cliff means the average Alabamian will pay an additional $579 dollars a year in taxes, but some will pay much more. The tax package passed by Congress yesterday prevents one set of tax increases from hitting most Americans, but it won’t stop them all. A temporary Social Security payroll tax reduction will expire, meaning nearly every wage earner will see taxes go up. The wealthy also face higher income taxes.
The median household income in Alabama is just under $43,000. How the tax increases will affect households at different income levels:
Annual income: $20,000 to $30,000
Average tax increase: $297
Annual income: $30,000 to $40,000
Average tax increase: $445
Annual income: $40,000 to $50,000
Average tax increase: $579
Annual income: $50,000 to $75,000
Average tax increase: $822
Annual income: $75,000 to $100,000
Average tax increase: $1,206
Annual income: $100,000 to $200,000
Average tax increase: $1,784
Annual income: $200,000 to $500,000
Average tax increase: $2,711
Annual income: $500,000 to $1 million
Average tax increase: $14,812
Annual income: More than $1 million
Average tax increase: $170,341
As deadline for Trump’s colleges compact looms, schools signal dissent
Of the original nine schools that received the Trump administration's Compact for Academic Excellence in Higher Education, the majority have indicated they are not planning on signing.
Can collagen supplements improve your skin? Here’s what the research shows
With age comes wisdom. And wrinkles. And joint pain. In wellness circles, the buzz is that collagen supplements can help with all these concerns. But are these claims something you should swallow?
Centrist Rodrigo Paz wins Bolivia’s presidential runoff, topping right-wing rival
Centrist senator Rodrigo Paz won Bolivia's presidency with 54% of the vote, ending 20 years of rule by the Movement Toward Socialism party amid economic turmoil.
Trump announces tariffs and an end to U.S. aid to Colombia amid clash over drug trade
The U.S. will slash assistance to Colombia and enact tariffs on its exports because the country's leader, Gustavo Petro, "does nothing to stop" drug production, President Donald Trump said Sunday.
Sam Rivers, bassist and founding member of Limp Bizkit, dies aged 48
"Sam Rivers wasn't just our bass player — he was pure magic. The pulse beneath every song, the calm in the chaos, the soul in the sound," Limp Bizkit said in a social media post Saturday.
Israel strikes Gaza as both IDF and Hamas accuse each other of breaching ceasefire
The Israel Defense Forces said Sunday it responded after "terrorists" attacked troops operating in the Rafah area with gunfire and an anti-tank missile. Hamas said it was unaware of the clashes.
