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Bankrate: Payroll tax increase hits middle-income households hardest
baltimore sun ^ | 3-25-13 | Eileen Ambrose

Posted on 03/25/2013 10:35:25 AM PDT by TurboZamboni

Edited 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 ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: income; payroll; redistribution; soshsecurity; tax
Bankrate’s survey found that the lowest-income workers not only didn’t notice the tax increase but also were least likely to cut spending to make up for lighter paychecks.

EBT and EITC will make up their "losses"

1 posted on 03/25/2013 10:35:25 AM PDT by TurboZamboni
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To: TurboZamboni

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.

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??????


2 posted on 03/25/2013 10:40:48 AM PDT by napscoordinator
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To: TurboZamboni

“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’”

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.


3 posted on 03/25/2013 10:41:53 AM PDT by Mouton (108th MI Group.....68-71)
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To: TurboZamboni

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.


4 posted on 03/25/2013 10:47:31 AM PDT by tflabo (Truth or Tyranny)
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To: napscoordinator
I can’t imagine how 52 percent didn’t see a noticable change in their paycheck.

I guess you didn't NOTICE it, but the figure was 48%.

5 posted on 03/25/2013 10:51:11 AM PDT by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: TurboZamboni

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.


6 posted on 03/25/2013 10:52:09 AM PDT by oust the louse (You need your parents signature to go on a school field trip but not to get an abortion.)
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To: napscoordinator

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.


7 posted on 03/25/2013 10:52:40 AM PDT by TexasFreeper2009 (Obama lied .. the economy died.)
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To: napscoordinator
I wonder how the poll was worded. Was it put in such a way that even if you knew that your paycheck had been reduced because of taxes but didn't know specifically that it was Social Security you got counted as one of the 48%?
8 posted on 03/25/2013 10:53:15 AM PDT by KarlInOhio (Choose one: the yellow and black flag of the Tea Party or the white flag of the Republican Party.)
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To: napscoordinator

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.


9 posted on 03/25/2013 11:01:36 AM PDT by Rusty0604
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To: Izzy Dunne

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.


10 posted on 03/25/2013 11:02:35 AM PDT by NEMDF
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To: TurboZamboni

“Payroll tax increase hits middle-income households hardest”

Good, why should women and minorities be the only ones to suffer?


11 posted on 03/25/2013 11:06:44 AM PDT by ZirconEncrustedTweezers (I'll stop being a cynic when the world stops giving me reasons to be cynical.)
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To: napscoordinator
If you receive 3250 every two weeks and suddenly the following two weeks you receive 3110...how can you not question that??????

That would be a 4.3% drop.....

12 posted on 03/25/2013 11:07:52 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: napscoordinator

At least they can tell you who’s dating a Kardashian.


13 posted on 03/25/2013 11:15:39 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: ZirconEncrustedTweezers

So....are you one of them low-info voters?


14 posted on 03/25/2013 11:20:08 AM PDT by Osage Orange (Life is a bitch. If it was easy, we would call it a slut)
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To: ZirconEncrustedTweezers

I guess I forgot the </sarc> tag...


15 posted on 03/25/2013 2:49:19 PM PDT by ZirconEncrustedTweezers (I'll stop being a cynic when the world stops giving me reasons to be cynical.)
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