Posted on 11/06/2012 5:35:28 AM PST by bgill
The payroll tax holiday is over. That's right. Your two-year, 2% tax holiday will be over at the beginning of 2013.
That means a family earning $50,000 a year can expect to see a loss of $40 per paycheck, or $1,040 each year.
It is one tiny part of the massive fiscal cliff set to take effect at the end of the year and most politicians in Washington, on both sides of the aisle, do not believe it is worth fighting for with other more crucial tax hikes and spending cuts on the table.
(Excerpt) Read more at finance.yahoo.com ...
recently retired, they ca`nt stick it to me in that fashion........however i have faith in our government that they will find another way to stick it to me.
Obama gutted SS to do this.
Pay me now or pay me later....that is the payroll tax allegedly directed to social security. Every employed person pays this tax regardless of income.
The income tax, which is only paid by the approximate 55% of the working public, is also set to go up, markedly. From my perspective, I am happy with the boarder based one going back to what it was.
The easiest way to steal your money is by inflation. If you spend you’re punished immediately, if you save you’re punished later. Either way you’re being being robbed.
I agree this never should have been done.
Title should be: “0bama’s Defunding of Social Security ends January 1, 2013”
Contrary to the meme about "tax cuts for the rich", people in the lowest tax brackets actually received the greatest proportional reduction in their taxes.
But Barack and Biden said that they wouldn't raise taxes on the middle class. That they'd only stick it to the really rich.
Where was the media fact checking their lies?
And the child tax credit will go from $1000 to $500 per kid.
Get a grip, people.
That 2% change in your payroll deductions should never have happened.
The Social Security system was already almost broke, then Obama & the Senate changed the amount of deduction from your paycheck—for money that will totally affect YOUR future Social Security earnings.
You are putting less money aside in the records of your earnings, and that shortage definately WILL appear when you go to file for YOUR Soc Sec benefits.
You are only cheating yourself. You have been sold another bill of goods by Obama.
You would not pay 2% less towards your mortgage payment or your car payment —why would you wish to do this???
So there's a silver lining. Anything that hastens the collapse of that socialist program is a plus in my book.
It was simply a scam for the politicians to bring more money into the government not designated for SS that they could use for whatever they want, i.e. corruption and cronies. By lowering the SS tax by 2%, it made 2% more of your income subject to the income tax. So it’s worth it to them to cut 2% from SS funding in order to skim off 20% or so of it to do whatever they want with.
They’re not worried about “fixing” Social Security later. The easiest tax for them to raise when they “need” to will be the Social Security tax. There’s nothing politically damaging about “saving” Social Security.
Don’t forget the rising income tax rates. The 10% bracket goes back to 15%, etc.
Ha ha ha Dems...don’t whine to me when you don’t have another $1,500 to $2,000 a year to spend. That’s if you even have a job.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.