TAXES: First Bite

This week every U.S. wage-earner took a cut in pay. Withholding rates went up from 15% to 18% under the new tax law, which will siphon off an added $2.7 billion from personal incomes in the next year. Corporations also will feel the pinch. They will kick in an additional $1.5 billion to the Treasury under a tax increase that is retroactive to July 1.

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