This needed to happen and was a stupid Obama idea from the beginning to make people “feel” like he was doing something for them.
Taking money away from Soc. Sec. only makes it bankrupt faster.
That goes without saying that I’d be ok if they stopped Soc. Sec. withholding completely and got rid of the thing...
Exactly —
If they wanted to do what is right they should have taken the money out of the Federal Employees pension fund.
Stupid idea to begin with, but now not only did the employee paychecks get smaller, but the employer’s matching tax went up. So while each of my employees took a $50 to $120 monthly hit, I get to take the hit for ALL OF THEM as well, which for me will be about $800 a month PLUS the higher self-employment tax I will pay for myself.
As soon as I get the final numbers I will raise my prices by the same percent to cover this new cost. I will also tell every customer who comments on the higher prices that I had no choice with the new Obama taxes that just went into place.
Boy, is this going to be inflationary...