Why Your Paycheck's Getting Smaller
Posted on 12/31/2012 12:40:50 PM PST by 2ndDivisionVet
President Obama is trying to push through legislation to keep broader middle class income taxes from rising by Monday night. But they may 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, is expiring in December.
Come 2013, most of the country's 160 million workers will see smaller paychecks. No one is expecting the payroll tax cut to be extended, even as lawmakers in Washington meet for budget talks to avoid the fiscal cliff.
Monthly paychecks will have $50 less for those earning $30,000 annually, and will shave off $189.50 for those with incomes totaling $113,700.
The amounts could be large enough to deal a blow to middle class Americans' spending budgets, especially at a time when the economic recovery is still struggling to gain a foothold...
(Excerpt) Read more at money.cnn.com ...
My @ss.
CNN likes to hit its readers between the eyes with a great big huge whopper right off the bat, don't they.
The Left never gives up.
...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, is expiring in December.The Obama Tax Hike, to go with the Obama Recession.
Why Your Paycheck's Getting Smaller
It's called Obamacare. Of course CNN will not even bring up the subject of the dozen or so tax increases from the unaffordable tax care act.
Since when does Obama care about the Middle Class? Or any class for that matter. He only needed their votes and now he is a lame duck disasterous socialist.
This whole exercise is a huge sham and fraud upon the American people to steal their wealth. Redistribution and socialist spending for anything but reducing the debt.
Wow, did half the electorate eat the bait, or what?
Everyone is going to suffer from this administration, its agenda and a dysfunctional Congress of greedy politicians. Even Canada now has a higher per capita income than the USA. Bet you did not know that sure sign of financial collapse in what is left of the American Republic.
Great job voters.
Federal employees to get a pay increase.
The stupid, inequitable, and ineffectual tax cuts, put in place by Chimpy Bush — those tax cuts are suddenly vitally important to the economy. Oh, those vile Republicans: first they put in useless tax cuts; then, just when we can’t live without them, they take them away.
And guess which party fought tooth and nail to make sure those tax cuts they now deem important, expire on 12/31/12?
The biggest tax increase is cleverly hidden: Inflation and the only thing keeping it from exploding is the depression keeping dollars from play. It’s a clever tax on anybody with dollars and it’s only a matter of time until it hits all of us very hard. The world trusted those dollars so it will hit the whole world as everyone finally figures out the dollar is now worthless.
Happened to have a plastic coffee can from about a year ago. Put it next to a new one and it's smaller in every dimension, at the same price.
You voted for it America.
Enjoy it. :)
4.2% in payroll tax to 6.2% is not a 2% increase in the tax.
It is a 47% tax increase.
IOW your portion of the payroll tax will increase 47% from what it was last year.
Happy New Year
To #7: Obama only is concerned with the “class” in “CLASSWARFARE”. That is why he is a marxist warrior against free enterprise.
Half of America is THAT STUPID! The vote on Nov. 6th proved it. All that money wasted on education.
We need to wipe out the old programs and start over again. Also need to wipe out the Dept. of Education.
The only honest quotes that Obama has ever uttered were those concerning the destruction of America. It was “Yes we can” and “Yes I did”.
Happy f**king New Year and a White House Happy Kwaanza!
To #7: Obama only is concerned with the “class” in “CLASSWARFARE”. That is why he is a marxist warrior against free enterprise.
Half of America is THAT STUPID! The vote on Nov. 6th proved it. All that money wasted on education.
We need to wipe out the old programs and start over again. Also need to wipe out the Dept. of Education.
The only honest quotes that Obama has ever uttered were those concerning the destruction of America. It was “Yes we can” and “Yes I did”.
Happy f**king New Year and a White House Happy Kwaanza!
ping
You’re right; this is just the latest means by which Obama has shrunk our paychecks. His spending binge shrunk my paycheck when the staples I buy increased in price by 50%.
Still can’t believe he was re-elected...
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