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
Anthropic settles with authors in first-of-its-kind AI copyright infringement lawsuit
A U.S. district court is scheduled to consider whether to approve the settlement next week, in a case that marked the first substantive decision on how fair use applies to generative AI systems.
Under Trump, the Federal Trade Commission is abandoning its ban on noncompetes
Federal Trade Commission Chair Andrew Ferguson has called his agency's rule banning noncompetes unconstitutional. Still, he says protecting workers against noncompetes remains a priority.
Anthropic to pay authors $1.5B to settle lawsuit over pirated chatbot training material
The artificial intelligence company Anthropic has agreed to pay authors $3,000 per book in a landmark settlement over pirated chatbot training material.
You can trust the jobs report, Labor Department workers urge public
A strongly-worded statement from Bureau of Labor Statistics workers comes a month after President Trump attacked the integrity of the jobs numbers they release monthly.
Headed to the FBI, Missouri’s Andrew Bailey opposed abortion, backed Trump
Andrew Bailey rose quickly to be state attorney general of Missouri where he built a record for fighting abortion and defending Donald Trump. Now he's a co-deputy director of the FBI.
How Chicago, Baltimore and New Orleans are reacting to Trump’s National Guard threats
Even after a federal court ruled his use of the National Guard in LA was illegal, the president has weighed sending troops to Chicago, Baltimore and New Orleans. Here's where things stand in those cities.
