deal before year end deadline. right now, the dow, down about 90 points as you can see there. s&p, nasdaq also down. joining me live now, tyler matheson of cnbc s power lunch. great to be with you. in the simplest of terms if no deal is reached, what does it mean for the average person who s watching us right now? it will mean two things. starting next week, you will get 2% less in takehome pay. that because the so-called payroll tax holiday which is one of the provisions put in place as a result of the financial melt down and the revegs will vanish. it is unlikely to be renewed. that s hit number one. hit number two, taxes on virtually everyone. no deal. will go up. if you earn between $50,000 and $75,000 a year, the average person in that income category will see their taxes go up next year by $2,400 a year. that s about $93 a paycheck if
increased tax on those assets. that s right. $503 billion in new taxes in here. one of them is the 3.8% tax on unearned income. that means the profit from selling something you own. now, that could include your home. some people won t have to pay it because even that profit won t push them up into the $200,000 or more income category. and first time homeowners get some explosion. but other than that, you may be socked with a big gain, a tax on your gain in addition to the capital gains tax you would already have to pay. going up at the beginning of next year as well. that s right. that starts? january 102013. capital gains going up and this tax. i definitely prefer the cake to this half baked bill. that s right. always great to sigh. a lot of surprises in here. boy, thanks goodness betsy has read it so that you don t have to. coming up, general david petraeus testifying that he knew al qaeda was behind the
mitt romney. if you make under $30,000 a year under the romney tax plan, your taxes are going to be going up, that s right, if you re on the left there, in the blue, your taxes are going to be going up if you re in that income category. now, if you make over $1 million a year, anywhere from $500,000 to over $1 million a year, you re going to get a tax cut between 2% and 5%. let s go back to the vulture chart. so, the republican plan, they have more for the red liners, they have nothing but more taxes for the blue liners. median income in alabama, $40,976. median in mississippi, $37,881. if you live in mississippi and you live in alabama, your taxes, if mitt romney is the next president, your taxes in that income bracket, they are going up. look, i m just tired of hearing about how the democrats can t win the south.
mitt romney. if you make under $30,000 a year under the romney tax plan, your taxes are going to be going up, that s right, if you re on the left there, in the blue, your taxes are going to be going up if you re in that income category. now, if you make over $1 million a year, anywhere from $500,000 to over $1 million a year, you re going to get a tax cut between 2% and 5%. let s go back to the vulture chart. so, the republican plan, they have more for the red liners, they have nothing but more taxes for the blue liners. median income in alabama, $40,976. median in mississippi, $37,881. if you live in mississippi and you live in alabama, your taxes, if mitt romney is the next president, your taxes in that income bracket, they are going up. look, i m just tired of hearing about how the democrats can t
in fact, mitt romney s tax plan plays right into this chart. let me look at the tax plan for mitt romney. if you make under $30,000 a year under the romney tax plan, your taxes are going to be going up, that s right, if you re on the left there, in the blue, your taxes are going to be going up if you re in that income category. now, if you make over $1 million a year, anywhere from $500,000 to over $1 million a year, you re going to get a tax cut between 2% and 5%. let s go back to the vulture chart. so, the republican plan, they have more for the red liners, they have nothing but more taxes for the blue liners. median income in alabama, $40,976. median in mississippi, $37,881. if you live in mississippi and you live in alabama, your taxes, if mitt romney is the next president, your taxes in that income bracket, they are going up.