Only The Rich Will Pay More Tax in 2013? Think Again.

For the last five years President Obama repeatedly told Americans earning less than $250,000 a year that their taxes wouldn’t go up — “not one cent.” Only “millionaires and billionaires” would see their taxes increase. So you think you're not the target of  "Fiscal Cliff" agreement? Think again.

The Tax Policy Center of the Brookings Institute provides a simple Do-It-Yourself calculator to compare what you would have paid if Congress had simply kept 2012 taxes as they were to what you will pay in 2013

A family of 4 with a salary income of $150,000 (certainly not officially one of The Rich)  plus some minor dividends, interest and capital gains, would pay nearly $5000 more in Federal income tax in 2013 on exactly the same taxable income as they had in 2012.

Let's halve that income to $75,000 (what would certainly qualify as the Middle Class that the President promises to protect). That family would pay almost $2000 more this year.

On top of that the $75,000 earning family is going to be paying another $1500 in federal payroll tax this year. So $3500 more -- or nearly 5% of their gross income. Think that will have any effect on economic activity in the future?  Of course, not. The President has told us it won't. Just like he told you that you will pay “not one cent” more.