Skip to comments.Why your paycheck is getting smaller, no matter what
Posted on 01/02/2013 9:12:14 AM PST by scott0347
For middle class Americans, there will be no escaping higher taxes in 2013. Congress was able to pass legislation to keep broader middle class income taxes from rising. But workers will still have to pay at least 2% more in payroll taxes.
That's because the government had temporarily lowered the payroll tax rate in 2011 to 4.2% from 6.2%, in an effort to keep more cash in the pockets of Americans and provide a boost to the economy. The tax cut, which applies on the first $113,700 in annual earnings, expired on Monday.
(Excerpt) Read more at money.cnn.com ...
Oh? I LOVED it. Just showed the stupidity of our elected officials as well as drove the stake through the heart of the Ponzi scheme that much quicker.
Even I know I’d never see a dime when/if I retire; let alone how Unconstitutional/illegal (if done in the real world) the program is/was.
Kill it, chop of its head and burn the frigger to ashes.
I thought I was the only one.
This was hailed as being a key to turning around the economy. Shouldn't reversing it have just as large of a NEGATIVE effect on the economy?
This stuff about temporary vs permanent tax rates is meaningless. The Bush “temporary” tax rates was the longest period of unchanged tax rates since the introduction of the income tax.
It's a good thing now to increase a tax to where it was because it was dumb in the first place.
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