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...
Let the Adults handle it: Brian Birdnow is wrong about how we got into this Recession and wrong about how we can get out of it. The deficits are the results of the Bush administration’s two major tax cuts for the wealthy, his major new entitlement program i.e. Medicare Part D, and his sharp increases in defense spending. Another reason for the financial mess is the fiscal irresponsibility of the House Republicans who are more than willing to play fiscal brinkmanship if they do not get their way. Someone should remind them they lost the Presidential election. The majority of voters do not agree with tax cuts for the wealthy and spending cut for Social Security and Medicare. President Obama has proposed both tax hikes and spending cuts, a...
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