Tax cut deal: 51 million will take home less

by admin 12. January 2011 16:47

Can you believe it 51 million will take home less not more after Year 2011 tax cut?

NEW YORK ( -- Despite a sweeping tax cut deal that is supposed to keep everyone whole financially, if not better off, 51 million households will face a higher tax bill or a lower refund compared with this year.

The main culprit: a new payroll tax break that will not be as generous for many low- and middle-income households as the tax cut it is replacing.

Here's why they won't get as much tax relief in 2011: Making Work Pay was worth $400 for individuals making $75,000 or less or $800 per couple making $150,000 or less. 

To get that much under the payroll tax break, one will need to earn at least $20,000 ($40,000 for couples). That's because the payroll tax break will amount to 2% of a worker's pay.


By Jeanne Sahadi


  • Year 2011 Federal Tax Tables

  • FAQs on Year 2011 Tax Cut

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Payroll taxes


6/7/2011 10:44:37 AM #




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