WASHINGTON — Only the most affluent American households would pay higher income taxes this year under the terms of a deal that passed the Senate early Tuesday morning, but most households would face higher payroll taxes because the deal does not extend a two-year-old tax break.
The legislation, which still must overcome resistance exhibited on Tuesday by House Republicans, would grant most Americans an instant reversal of the income tax increases that took effect with the arrival of the new year. Only about 0.7 percent of households would be subject to an income tax increase this year, according to the Tax Policy Center, a nonpartisan research group in Washington. The increases would apply almost exclusively to households making at least half a million dollars, the center estimated in an analysis published Tuesday.
But the Senate’s decision not to reverse a scheduled increase in the payroll tax that finances Social Security, while widely expected, still means that about 77 percent of households would pay a larger share of income to the federal government this year, according to the center’s analysis.
The tax this year would increase by two percentage points, to 6.2 percent from 4.2 percent, on all earned income up to $113,700.
Indeed, for most lower- and middle-income households, the payroll tax increase would most likely equal or exceed the value of the income tax savings. A household earning $50,000 in 2013, roughly the national median, would avoid paying about $1,000 more in income taxes — but pay about $1,000 more in payroll taxes.
The timing and outcome of a House vote was unclear on Tuesday evening.
Sabrina Garcia, a 35-year-old accounting assistant from Quincy, Mass., who together with her husband made about $102,000 last year, said the payroll tax increase equated to “about $200 a month for my family.”
“That’s a lot of money for us,” Ms. Garcia said. “It means we will have to cut back.” She said in an e-mail exchange that she would most likely postpone buying a new computer. “And forget about being able to save money,” she added.
The deal would impose larger tax increases on those who make the most. It would raise taxes in two ways: by restoring limits on the amount of income affluent Americans can shelter from federal taxation, and by returning to a top marginal tax rate of 39.6 percent. The current rate is 35 percent.
For married couples filing jointly, the deduction limits apply to income above $300,000, while the top tax rate kicks in above $450,000. But both numbers are somewhat misleading, because “income” in this context is a technical term, referring only to the portion of income subject to taxation after exemptions and deductions.
Few households with actual incomes of less than half a million dollars would face a tax increase. The Tax Policy Center calculated that less than 5 percent of families earning $200,000 to $500,000 would actually pay more.http://www.nytimes.com/2013/01/02/business/economy/a-bigger-tax-bite-for-most-households-under-senate-plan.html?_r=0
The Emancipation of Abe Lincoln
Like all great historical transformations, emancipation was a process, not a single event. It arose from many causes and was the work of many individuals. It began at the outset of the Civil War, when slaves sought refuge behind Union lines. It did not end until December 1865, with the ratification of the 13th Amendment, which irrevocably abolished slavery throughout the nation.
But the Emancipation Proclamation was the crucial turning point in this story. In a sense, it embodied a double emancipation: for the slaves, since it ensured that if the Union emerged victorious, slavery would perish, and for Lincoln himself, for whom it marked the abandonment of his previous assumptions about how to abolish slavery and the role blacks would play in post-emancipation American life.
There is no reason to doubt the sincerity of Lincoln’s statement in 1864 that he had always believed slavery to be wrong. During the first two years of the Civil War, despite insisting that the conflict’s aim was preservation of the Union, he devoted considerable energy to a plan for ending slavery inherited from prewar years. Emancipation would be undertaken by state governments, with national financing. It would be gradual, owners would receive monetary compensation and emancipated slaves would be encouraged to find a homeland outside the United States — this last idea known as “colonization.”
Lincoln’s plan sought to win the cooperation of slave holders in ending slavery. As early as November 1861, he proposed it to political leaders in Delaware, one of the four border states (along with Kentucky, Maryland and Missouri) that remained in the Union. Delaware had only 1,800 slaves; the institution was peripheral to the state’s economy. But Lincoln found that even there, slave holders did not wish to surrender their human property. Nonetheless, for most of 1862, he avidly promoted his plan to the border states and any Confederates who might be interested.
Lincoln also took his proposal to black Americans. In August 1862, he met with a group of black leaders from Washington. He seemed to blame the presence of blacks in America for the conflict: “but for your race among us there could not be war.” He issued a powerful indictment of slavery — “the greatest wrong inflicted on any people” — but added that, because of racism, blacks would never achieve equality in America. “It is better for us both, therefore, to be separated,” he said. But most blacks refused to contemplate emigration from the land of their birth.
In the summer of 1862, a combination of events propelled Lincoln in a new direction. Slavery was disintegrating in parts of the South as thousands of slaves ran away to Union lines. With the war a stalemate, more Northerners found themselves agreeing with the abolitionists, who had insisted from the outset that slavery must become a target. Enthusiasm for enlistment was waning in the North. The Army had long refused to accept black volunteers, but the reservoir of black manpower could no longer be ignored. In response, Congress moved ahead of Lincoln, abolishing slavery in the District of Columbia, authorizing the president to enroll blacks in the Army and freeing the slaves of pro-Confederate owners in areas under military control. Lincoln signed all these measures that summer.
The hallmark of Lincoln’s greatness was his combination of bedrock principle with open-mindedness and capacity for growth. That summer, with his preferred approach going nowhere, he moved in the direction of immediate emancipation. He first proposed this to his cabinet on July 22, but Secretary of State William H. Seward persuaded him to wait for a military victory, lest it seem an act of desperation.
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