Talk of taxes and tax reform is in the air again.
At the federal level, the “fiscal cliff” of Jan. 1 was more about political theater and procrastination than effective solutions. Less publicized, the most recent phase of ObamaCare brought some new taxes.
In addition, the 2 percent “holiday” on payroll/FICA taxes resulted in much higher taxes for all workers. Politicians in Washington generally ignore this most burdensome aspect of income taxation — 15.3 percent of every dollar earned (up to a cap of $110,100).
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