It’s tax time again, and President-elect Donald Trump and his fellow Republican in Congress have promised to slash them—especially for corporations and the rich. For millions of Americans, however,a tax increase will be the first thing they see. About 12 million workers will pay more this year thanks to an automatic adjustment in their payroll taxes. Unlike previous years, this rise in the Social Security “taxable minimum” —the amount of income subject to tax—is a whopper: 7.3 percent, the most in 34 years. That could cost each affected worker as much as $539, and much more if they’re self-employed. Why is 2017’s increase so huge? And where does this taxable minimum come from anyway? Let us explain. Read more here. (Steverman, 2017)
