I have pointed this out before, but one more mention isn't out of order since MSM is pretty much ignoring the topic. Here's Talking Points Memo explaining why your paycheck will be smaller in 2013:
When lawmakers vow to make sure middle class taxes don’t rise by a penny, there’s one thing they’re invariably ignoring. Working Americans are poised to face a tax hike next year no matter the outcome of fiscal cliff negotiations.
Employees’ share of the Social Security payroll tax is set to rise by 2 percentage points in 2013 after being lowered to 4.2 percent for two years. President Obama and Speaker John Boehner are at an impasse in fiscal cliff talks, but they’ve effectively agreed to end the payroll tax holiday.
That alone means the average working American would take home $40 less per paycheck.And get this, also via TPM:
Anti-tax conservatives have been silent on the payroll tax, having written it off as a temporary patchwork measure destined to end.They mean Grover Norquist among others. Washington D.C. is a cesspool of people trying to take your money, which includes most of those pretending to be protecting you against the government money grab.
This really sucks, I'm 29 years old and I want out of this government mandated Ponzi scheme know as Social Security. My family will definitely be affected by the additional 2% income confiscation, we were saving this money and now we'll save ~$100/mo less. Once the media went radio silent on this tax hike several weeks ago I knew it was all over.
ReplyDeleteObama's payroll tax cut was one of his best economic ideas he had as President. Payroll taxes are a tax off the top of one's wages, and they are a strong disincentive for working, hiring, and producing generally--probably one of the worst taxes around, economically speaking. For those who care about this sort of thing, as noted, it is pretty regressive too, as it really socks it to the middle class who work for a living. Of course, being ever the shortsighted, cynical politician, Obama is now going to just let it expire, and with no opposition whatsoever from the supposedly anti-tax Republicans (Hello, Rand Paul?). In a smarter and more sane world, instead of the phony nonsense we are seeing from the politicians regarding the so-called fiscal cliff, they would be focusing on making the payroll tax cut permanent, and indeed extending it to a full abolition of this very stupid tax.
ReplyDeleteRand opposed the payroll tax cut from the start, saying it took away from SS funds (LOLOLOLOLOL), as did Amash.
Delete>Washington D.C. is a cesspool of people trying to take your money
ReplyDeleteWall St. used to be #1 for this, but now they collude with DC, so same difference.
And what do you think the 'Affordable Health Care Act' is really all about? Answer, another massive transfer tax in keeping with the likes of Social Security, Medicare, which never were trust funds, but monies put into the general revenue kitty.
I am seeing a lot of pushback across America on the taking guns away issue(radio talk show callers, etc.), but why are not these same people 'figuratively' up in arms about the travesty of money debasement, debt, and slavery DC now foists upon them in oh so many other life areas?