Skip to comments.'What Does $40 Mean to You?' Sad Stories Roll In to White House
Posted on 12/22/2011 3:50:37 AM PST by Sub-Driver
'What Does $40 Mean to You?' Sad Stories Roll In to White House December 22, 2011
(CNSNews.com) - The White House says it's been flooded with responses to the question it posed Wednesday: "What does $40 mean to you?"
An extension of the payroll tax cut will save a "typical" family earning $50,000 around $40 a paycheck, the White House says. (It also will reduce the only dedicated funding source for Social Security benefits, but few in Washington are talking about that.)
One day after the White House asked "working" people to "tell us what your family will give up if your taxes increase," the stories are rolling in, including one from a person who worried about not having enough to pay the cable bill:
"Our cable internet bill is $49 per month. If we lose this payroll tax cut then we will have to give up either (our) internet access or possibly our 'Friday Family Pizza' night. Either way, we will lose something that brings us together as a family," wrote "K.Z" from Frederick, Maryland.
Another person wrote that $40 will "buy lunch from the cafeteria for almost a whole month for my twins."
Someone else who "can barely get by now" said taking $40 out of his paycheck "would just about put me under."
A person from New Mexico said "$40 less a paycheck means I will have to pick between my insulin and the water bill. It means never being able to see my doctor -- even though I have insurance."
(Excerpt) Read more at cnsnews.com ...
We should NOT cut veterans benefits. We should eliminate retirement and every thing except health insurance during their employment by the people, for elected officials. We should abolish the ESA and EPA and end all grants and awards for every thing except disaster emergencies. Them oney spent on supposedly “endangered species” is astounding, and the impact of food and energy production is staggering.
You still don't get it. Yes FICA is a separate category. However under the current tax code you owe a certain amount of FICA taxes at the end of the year. Unless they change the rate: (which they have not by the way) it is NOT a TAX decrease.
At the end of the year when you or your accountant are doing your taxes you will still owe the same amount for Federal and FICA. If they didn't take out enough, guess what? You will have to PAY, or you will get a smaller refund.
It’s you that don’t get it amigo. The FICA rate for 2011 went from 6.2% on the the first $106,800 of income to 4.2%. For those making $100k, you saved $2k. It’s got nada, zip, zero to do with income tax. For those making $100k who have any brains, the 2% rate cut was offset by a 3% increase in their 401k contribution. My takehome went down about $300 this year, but I have $3,000 more contributed to my 401k. If my portfolio would do that earning thing, I’d be in great shape.