Anyway this increase in payroll taxes will be noticed by most of us. According to Neil Irwin writing in the Washington Post,
For someone who makes the U.S. average for private sector workers of $818.69 a week and is paid every other week, that adds up to a reduction of $32.75 in each paycheck. For higher earners, anyone making over $113,700 annually, each bi-weekly paycheck will decline by $87.46.
Nearly everyone in official Washington agrees this is good policy, but Fox News interviewed a young woman who was incensed at the increase. She wailed about the macro-economic disaster this return to normal rates portends:
"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," she said.
But a little later in the article, reporter Joshua Rhett Miller, zeroed in on the whole "future economic growth" issue when he wrote that the young woman,
"admits the hike won't completely alter her spending, but the [recent college] graduate said she will definitely have it in mind when it comes to leisure activities and entertainment."
An additional housemate for the beach house this summer? Oh, the horror.
But she is correct in this regard: Just about every Member of the House and Senate; the President and Vice President; the Treasury Secretary and the Fed Chairman all bellowed that we needed the fiscal cliff deal to avoid raising taxes on every single working American.
After, as Shakespeare wrote "all the sound and fury, signifying nothing" over income tax rates, they, indeed, raised taxes on every single working American.
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