Less Take Home Pay

January 2013 will bring a reset on FICA withholding.  The past two years your employer has withheld 4.2% of your gross earnings, added 6.2% from his own pocket, and sent it to the Social Security Administration toward FICA (Social Security) in your name.  Before that and beginning again January 1, he will withhold 6.2% of your pay and match it.  That's a 2% reduction in your take home pay.

The lowest tax bracket will increase from 10% to 15% immediately.  More income taxes will be withheld on all wage earners.

AMT:  Over 33,000,000 Americans will return to the AMT trap.  Under Bush's tax cuts, about 4,000,000 were trapped.  Those affected will need to pay this tax through increased payroll taxes withheld or quarterly payments directly to the IRS.

The child tax credit will be cut in half.  The earned income tax credit and the dependent care credit will be reduced.  Employees will have to carefully fill out their 2013 W4s with this knowledge and have more $ withheld from their paychecks.

In my opinion, Congress is running out of time.  I also believe we as Americans should stick together.  Increase every one's tax picture or don't.  Segregating out the "rich" will also hurt our economy.  I get the feeling that this president and his followers have come to hate the rich and talk often of fair share without defining what is fair. 

I assume most of the targeted and despised rich can afford to pay 4% or 5% more in their income tax.  That's not the entire problem.  That's 4% or 5% less they will have to spend on things including vacations, retail purchases, and investing in US businesses.

Just my opinion and I'm still allowed to voice it.