Wall Street Journal (12/19/12) John McKinnon
Nearly all taxpayers would pay more to the federal government next year if President Obama and House Majority Leader John Boehner (R-OH) close the deal they have been negotiating in recent days. Starting the first week of January, higher-income households would face higher individual income-tax rates and tighter limits on deductions and other breaks. Paychecks almost certainly will be smaller—by an average $942 per household for the year, because it appears the two parties will agree to let a temporary payroll-tax holiday expire. The break, instituted for 2011 and 2012, reduced a worker’s share of the Social Security payroll tax to 4.2% from 6.2%. Many lawmakers in both parties have expressed concern about letting it become a recurring drain on government revenue. A pact along the lines being discussed would provide welcome certainty about the tax code, after many years in which a growing number of provisions were enacted temporarily. The talks could still break down, or yield an agreement that can’t pass Congress.
New Webinar: CareerBuilder Staffing and Recruiting Talent Brief
As many as 75% of staffing and recruiting professionals say some of their currently existing talent acquisition and human capital management roles will be completely automated using technology over the next 10 years. Find out how this will impact your business.