They ended the “payroll tax holiday”, which was a stupid political gimmick that damaged the solvency of Social Security quite a bit. So that increase is OK...it’s income tax in general that remains way too high.
Don’t worry. They’re keeping it in your account for you.
The so called “payroll tax holiday” (4.2% your portion) expired.
The current rate (6.2% your portion) is what it was before.
The employer’s portions was never part of the “holiday”.
I just love that phrase Low Information Voters.
Where have you been?
The temporary tax holiday expired. Not to be snarky, but everybody not living under a rock should have been aware of that.
Yep the Payroll Tax Holiday of 2011 & 2012 ended at midnight on Dec. 31, 2012. Your rate went back up to the normal rate of 6.2% from the tax holiday rate of 4.2%.
Someone has to pay for my $18.00/month increase!
After all, the Trust Fund has already been raided.
But, but we wuz promised the SS system was fully funded and needed not increases back in 1964!
Here is what they said from the SS web site.
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And here is where your money went! READ AND WEEP!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
How odd that a totally unsustainable tax break that affects just about every wage earner should expire right after the election. /s
Not to worry.
It’s in AlGore’s lockbox.........