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Saturday, June 23, 2018

All Americans Lose If Payroll-Tax Cut Isn’t Renewed

Nov. 29 (Bloomberg) — Suppose you are an unmarried doctor, making $175,000 a year. Or a store manager married to a Realtor, earning a combined $160,000. Or a journalist married to a lawyer, each making $90,000. Or the owner of a small business who takes home $120,000.

If you are lucky enough to be one of these higher-earning, working taxpayers, the chances are that you believe President Barack Obama wants to raise your taxes. You have probably read a lot about his plan to increase the burden on individuals making more than $200,000 and joint-filers bringing in more than $250,000, and you probably think you will take a hit, too.