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---- Welcome To Obamaville! Americans Feel Austerity's Bite As Obozo's Payroll Tax Increase Kicks In "Thanks Mr. Obama!"
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Sid Sucks 9 Dicks
Jan 14, 2013, 8:34:45 AM1/14/13
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More Bad News…..For America
Americans Feel Austerity's Bite As Obozo's Payroll Tax Increase Kicks
In
Reuters: President Barack Obama said his deal would shield 98 percent
of Americans from a middle-class tax hike.
Nevertheless, for most workers, rich and poor alike, taxes went up on
Dec. 31 as a temporary payroll tax cut expired. That cut - a 2
percentage point reduction in a levy that funds Social Security - was
put in place two years ago to help the economy, which was still
smarting from the 2007-09 recession.
About 160 million workers pay this tax, and the increase will cost the
average worker about $700 a year, according to the Tax Policy Center,
a Washington think tank.
"It stinks," said Beverly Renfroe, an accountant for a realty firm in
Jackson, Mississippi. "I definitely noticed a decrease."
The pain will trickle through the economy over the next few weeks.
Already, the new rate of 6.2 percent has trimmed paychecks for about
half of the 200,000 employees whose paychecks are processed by
Advantage Payroll Services, a payroll firm based in Auburn, Maine.
Economists estimate the payroll tax hike will reduce household incomes
by a collective $125 billion this year. Some households could reduce
contributions to retirement accounts or other savings, but most are
also expected to cut back on spending.
http://www.moneynews.com/Economy/payroll-tax-rise-money/2013/01/12/id/471139
-----
How's That Hopey-Changey Thing Working Out For You?
Americans Feel Austerity's Bite As Obozo's Payroll Tax Increase Kicks
In
Reuters: President Barack Obama said his deal would shield 98 percent
of Americans from a middle-class tax hike.
Nevertheless, for most workers, rich and poor alike, taxes went up on
Dec. 31 as a temporary payroll tax cut expired. That cut - a 2
percentage point reduction in a levy that funds Social Security - was
put in place two years ago to help the economy, which was still
smarting from the 2007-09 recession.
About 160 million workers pay this tax, and the increase will cost the
average worker about $700 a year, according to the Tax Policy Center,
a Washington think tank.
"It stinks," said Beverly Renfroe, an accountant for a realty firm in
Jackson, Mississippi. "I definitely noticed a decrease."
The pain will trickle through the economy over the next few weeks.
Already, the new rate of 6.2 percent has trimmed paychecks for about
half of the 200,000 employees whose paychecks are processed by
Advantage Payroll Services, a payroll firm based in Auburn, Maine.
Economists estimate the payroll tax hike will reduce household incomes
by a collective $125 billion this year. Some households could reduce
contributions to retirement accounts or other savings, but most are
also expected to cut back on spending.
http://www.moneynews.com/Economy/payroll-tax-rise-money/2013/01/12/id/471139
-----
How's That Hopey-Changey Thing Working Out For You?
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