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How does the new tax law affect you?

8:30 AM, Dec 30, 2010   |    comments
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When the ball drops on New Year's Eve, are your taxes going up?

The new tax laws kick in on January first.

Tax Adviser at H&R Block Laura Aldrighetti said, "Most Americans are gonna find that their taxes stay the same."

If you make less than 150-thousand dollars, you'll be paying about the same to Uncle Sam.

After a tough fight in Congress, the Bush-era tax cuts will remain in place for rich and poor alike.

But the more you make, the better the break.

There's one change guaranteed to put a few more bucks in your pocket.

"One of the big changes is that Congress passed a Social Security tax holiday," said Aldrighetti.

Technically not a tax cut, but a two percent increase in take-home pay.

Looking for a financial resolution???

Steve Moore of the Wall Street Journal said, "Remain very cautious about your spending, invest carefully, don't throw the Hail-Mary pass, and if you've got a job keep it."

A new year and new laws, but the same old taxes.

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