"OMG!!! Damn those Republicans!"
Warren Buffet says he’d be happy to pay a little more payroll tax, if he received a paycheck.
Did you correct your supervisor and tell them the increase had nothing to do with the “Fiscal Cliff” bill?
We got the notice in late November or early December. It had several variations and what they would likely mean.
This needed to happen and was a stupid Obama idea from the beginning to make people “feel” like he was doing something for them.
Taking money away from Soc. Sec. only makes it bankrupt faster.
That goes without saying that I’d be ok if they stopped Soc. Sec. withholding completely and got rid of the thing...
If you have twitter follow this line, very funny:
#WhyIsMyPaycheckLessThisWeek
That notification came just shortly after the notice that our health insurance premiums were going to rise by 38% this year...
This tax is really the SS payroll tax they cut a year or so ago. It was for 1 or two years. It lowered the amount of SS taxes collected from every paycheck, which should’ve been objected to, since SS is supposed to ‘be there’ for you when you retire...as a little something extra to help with your personal IRAs. So, it basically expired and now everybody is paying the whole amount into SS once again. It is not really a new tax, just reinstatement of the original one. Obama wanted to make everybody THINK he was saving them money, when in fact, he was lessening the amount you’ll have saved overall. Good thing it was temporary. IF they actually FIX the program, where you could opt out of SS and plan your own retirement annuity, you could actually save a lot more. But, from a retiree’s perspective (meaning I am one) it is not enough to live on, regardless of how much they take out because they use it for everything (almost), except what it is intended for.
My daughter just posted on FB - “Just saw my pay stub for my next check. There is officially no incentive for hard-working Americans anymore.”
She’s only 26. And she voted for Romney.
not in Texas, dude. Texas got there own special tax collection thing going on. That 2% goes to the Mexicans, to help build a fence and an 8-lane NAFTA highway, so your supervisor is really not reading his updates.
Maybe you are actually earning $450,000 per year, but you don’t recognize it because you have then taking out a lot of deductions for your 401K, Savings Bonds, etc.
:)
The “Payroll Tax” is related to the FICA (Social Security) with-holding drop that was put into effect a while ago, they were underwitholding the SS amount by 2% on the employee side and have been for years now...
Basically the fiscall cliff nonsense didn’t extend this reduction, it expired at the end of 2012.
Whether you agree or not with SS playing around with an underfunded program already I never found to be the wisest move.
If the fiscal cliff “compromise” hadn’t happened, those paying taxes on the lowest end would have seen their income taxes rise 50%, as the lowest tax bracket of 10% would have joined with the next higher up at 15%.
So yes, everyone will see their ss witholding take another 2% of their paycheck, until they reach the maximum earning threshold (if they earn over it) and be back to its standard witholding rate.
#WhyIsMyPaycheckLessThisWeek
https://twitter.com/search?q=%23WhyIsMyPaycheckLessThisWeek&src=hash
Some funny stuff including a few desperate liberals.
You’re just now hearing about this?
This has been in the news for months, but the sheeple have paid no attention to it.
TERRY SAVAGE: How the deal affects you
BY TERRY SAVAGE December 31, 2012 10:20PM
‘Fiscal cliff’ vote: What it means to you
Updated: January 1, 2013 11:24AM
So, what’s the immediate impact on you, if the Senate deal passes the House on Tuesday?
† Payroll taxes: For sure, and for everyone, the payroll tax will return to 6.2 percent from 4.2 percent where it has been since 2010 — costing the average worker about $1,000 a year...
http://www.suntimes.com/business/savage/17324889-452/terry-savage-how-the-deal-affects-you.html
A few 2011 stories:
http://www.heritage.org/research/reports/2011/09/extending-payroll-tax-holiday-wont-create-jobs
http://www.cbpp.org/files/9-7-11tax.pdf
http://www.pbs.org/newshour/rundown/2011/12/patchwork-nation-payroll-tax.html
Only the less than 50% of the country that are employed.
Just waiting for the MSM to herald this “developing story” as the Republicans fault even though you and I know that it is just a return to the normal rate.
Remember, never let a crisis go to waste and when people get these lower net pay paychecks, they will be demanding an explanation and the MSM will feed it to them.
The payroll tax holiday was a temporary measure to give Obama a chance to boast that he had cut taxes on the middle class. It provided a great campaign issue, but was not part of the original Bush tax cuts nor part of the vote to make the Bush tax cuts permanent.
Here’s what will probably happen. People like you will scream bloody murder to their elected officials about SS taxes going up. Most probably didn’t even notice that they went down 2% a couple of years ago, but they sure as heck will notice that they’re going up now.
Obama will ride to the rescue and demand that the payroll tax holiday be reinstated and if Republicans block it, they will again be made to look like Scrooges.
The game continues and people fall right into line after their Pied Piper - Obama.
Just heard what the Dems are going to propose as a “fix”.
They will propose exempting the first $25K of income from FICA taxes, but will eliminate the cap (currently around $112K, I think) to apply it to people making very high incomes.
The result will be low-income people will virtually stop paying FICA taxes, middle income people will see a significant reduction, and those Eeeeeeevil Rich will get soaked like never before. A total shift of the SS burden towards the wealthy.
This “sticker shock” we are seeing this month is part of a deliberate strategy to sell this. The GOP is SOOOOO being played!
There was a note about it in my pay envelope this week. My weekly check is now smaller by $15.
It’s funny how I have to learn to make do with less, but government never has to. (Not funny at all, really.)
Yesterday’s pay stub shows a 9.6% decrease in take home pay between the payroll tax hike and raise in employer health insurance premiums. Same coverage as last year. Don’t know how our already tight budget will handle it. People need to look closely at their pay stubs. And remember Obamas promise that our insurance premiums would not go up with Obamacare. Just one in a long list of lies.