The reason is that, while income tax rates have been largely preserved outside of upper income-earners, payroll taxes are going up on everyone by 2%. In 2011, Congress passed a one-year extension of a temporary payroll tax cut, from 6.2% to 4.2%. It's heading back to 6.2%,...
In response to:
Doug3694, What world are you from again? Your quote: "The individual payroll tax is not a tax." What? A tax is not a tax? This program stopped being a retirement investment program in the 1960s when Democrat president Johnson used the money in the "lockbox". A tax that is not a tax. That's a good one.
Both the Senate and the House passed legislation yesterday to avert and delay the fiscal cliff. But make no mistake - every worker on a company payroll is going to see a tax increase. Take a close look at the first paycheck of 2013 and compare it with the last one of 2012.
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