Despite "Cliff" Deal's Cuts, Your Taxes Are Going Up reports that federal taxes are going up for everybody, mainly because of the expiration of the payroll tax cut. The average tax increase ranges from $297 for the $20,000 to $30,000 incomes to $170,341 the over $1 million incomes.
For more specifics on the fiscal cliff deal, I found this Washington Post Wonkblog article informative and insightful.
For more on New Beginnings, check back every Sunday for a new segment.
This is not financial or tax advice. Please consult a professional advisor.
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