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Two Years After a Very Modest Proposal

JJHenry Wrote: Jan 20, 2013 7:34 AM
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Last week the inside pages of the daily newspapers mentioned something that should alarm every American taxpayer. The little noted expiration of the two year old payroll tax break of 2011-12, and the consequent increase of the Social Security payroll tax from 4.2% of wages paid to 6.2% of wages paid became effective on New Years Day, 2013. The roughly 140 million Americans on corporate payrolls will see their take-home pay shrink commensurate with their income. Those earners at the poverty level will see a $ 234.00 yearly tax increase, while those in the highest income bracket subject to the tax...