Skip to comments.Bankrate: Payroll tax increase hits middle-income households hardest
Posted on 03/25/2013 10:35:25 AM PDT by TurboZamboniEdited on 03/25/2013 10:36:32 AM PDT by Admin Moderator. [history]
Nearly half — 48 percent — of American workers haven’t noticed that more money is being taken out of their paychecks for the payroll tax that funds Social Security, according to a survey released today by Bankrate.com.
In the previous two years, workers’ paid 4.2 percent of wages (on income of up to $113,700 this year) instead of 6.2 percent. But during last year’s tax negotiations to avoid the fiscal cliff, the payroll tax holiday wasn’t extended. Many predicted at the time that low-income workers would be the most hurt by the payroll tax going up 2 percentage points.
(Excerpt) Read more at baltimoresun.com ...
EBT and EITC will make up their "losses"
Nearly half 48 percent of American workers havent noticed that more money is being taken out of their paychecks for the payroll tax that funds Social Security, according to a survey released today by Bankrate.com.
I can’t imagine how 52 percent didn’t see a noticable change in their paycheck. If you receive 3250 every two weeks and suddenly the following two weeks you receive 3110...how can you not question that??????
“Nearly half 48 percent of American workers havent noticed that more money is being taken out of their paychecks for the payroll tax that funds Social Security’”
Wow, what could better point to the complete dumbing down of the american society. Half have not noticed that their pay, in most cases, is down 2%! I am beyond words.
Hussein promised that middle class would not see their taxes rise by one dime. Well he’s right-—its a whole lotta more dimes than one.
I guess you didn't NOTICE it, but the figure was 48%.
It’s ok that Mr & Mrs MiddleClass get screwed. They are fine with it because hey, Obama is cool,he’s black and he is funny on the talk shows. Plus his wife now has cute bangz and nice arms.
I would guess because many people don’t work for a fixed salary, but instead are paid per hour and the number of hours they work varies per month. So it’s harder for them to notice the change than it is for someone who earns a fixed amount.
I did payroll for years and used direct deposit, giving the employees a stub. When some change in deductions or salary occured, a lot of people didn’t notice it for many months if they ever did.
Thank you, my thoughts exactly.
Plus, it came at a time when the health insurance costs for many people normally rise. So many people might have just assumed the lower paycheck was due to health insurance premiums.
“Payroll tax increase hits middle-income households hardest”
Good, why should women and minorities be the only ones to suffer?
That would be a 4.3% drop.....
At least they can tell you who’s dating a Kardashian.
So....are you one of them low-info voters?
I guess I forgot the </sarc> tag...