A Tax Increase

by | Jan 14, 2017 | CBS Radio Report

A Tax IncreaseWe’re heading into the official start of tax season and this year Uncle Sam wants just a little bit more. For millions of Americans the first thing they will see when they visit the tax man is a tax increase. This year about twelve million workers will be hit with an automatic adjustment in their payroll taxes. And for the first time in 34 years the amount of income subject to be taxed is 7.3%. That tax could cost you as much as $534, more if you’re self-employed. So what’s behind the increase? The social security taxable minimum is adjusted based on U.S. wages and not consumer prices. Accountants say the sudden hike is two years of wage gains packed into one. So as wages go up so does the amount the government can tax you. To see how much money you need to make to be affected, and how much you might have to pay click the link below. It’s better to give than to receive, just not on April 15th.

Brian Banmiller

About Brian

CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.

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