Now millions of people are noticing, millions noticing paychecks lighter today, due to payroll tax hike. Yes it was known by Obama but he just chose not to tell you. Hidden in the fiscal cliff media driven nonsense was little known provision raising everyone SSI taxes back to the normal rate.
Now the Republicans wanted to address the problem, but you want to stick it to the millionaires and billionaires. So you got stuck in the end. So on Jan 1, Barring any last-minute surprises, Social Security payroll taxes will climb back to 6.2 percent from 4.2 percent for 160 million Americans. Virtually the only exceptions are government workers in Massachusetts and some other states who contribute to a public pension fund in lieu of Social Security.
Low information Obama voters sidebar … the middle class is the only ones who have money that can reduce the debt load on our country. Only you can pay down Obama’s debt. Get it yet? You are going to have to pay, the debt he is loading on the nation.
“Well, looks like we’re starting to pay back all of the money we’ve spent, without cutting back spending,” one twitter posting read.
Get it yet? All the food stamps, all the welfare, it’s yours to pay now!!!
Bet you wished we had cut spending now???
Gabriella Hoffman’s paycheck is a little lighter today, thanks to a payroll tax increase that is forcing millions of Americans to make the kind of tough budget cuts their representatives in Washington lawmakers seem unwilling to tackle.
Hoffman, a 21-year-old Virginian who works at a nonprofit, estimates her paycheck will be roughly $30 less this biweekly pay period, or about $780 annually, thanks to the end of a two-year cut on payroll taxes, which fund Social Security. The tax has risen back up to 6.2 percent from 4.2 percent, costing someone making $50,000 annually about $1,000 per year and a household with two high-paid workers up to $4,500.
“As a newly-graduated person, someone coming straight out of college, I don’t like the idea of having less money coming to me due to the selfish interests of people in Congress who don’t have any interest in reducing our financial problems,” Hoffman told FoxNews.com. “This is an impediment for future economic growth. It’s going to make it harder for young people like myself to get married, find a better job, you name it.”
Hoffman admits the hike won’t completely alter her spending, but the University of California-San Diego graduate said she will definitely have it in mind when it comes to leisure activities and entertainment.
“Although it’s a small quantity on a monthly basis, just having less money going into my paycheck will prevent me from doing things and force me to be more frugal,” she said. “I’ll be more cautious with my spending.”