Many Americans will pay higher taxes in 2013 despite deal

01/1/2013 | CBS MoneyWatch

The budget bill that would avert the "fiscal cliff" will preserve tax cuts for many middle-class Americans, but other taxes will go up in 2013. A temporary reduction in employees' contribution to Social Security will end and the average household will pay an extra $1,000 this year. The income-tax rate of individuals making more than $400,000 a year and of couples whose combined income is greater than $450,000 will rise to 39.6% from 35%.

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