All working Americans now pay 2% MORE TAXES

[tttalinky]

Tax increase not just for the rich, Social Security Payroll Tax increases by 2%

By: Josh Boose, newsnet5.com
CLEVELAND - The fiscal cliff bill raises taxes on incomes by 39.6 percent on individuals earning $400,000 a year or $450,000 a year for couples. According to President Obama, that’s the wealthiest 2 percent of Americans.

According to the Associated Press, many average American workers will also be paying more in taxes. There will be a 2-percent increase in the Social Security Payroll Tax. The money will be taken right from your payroll check.
Two years ago, there was a tax cut so workers would pay less to Social Security, but on Jan. 1, 2013 that tax cut expired and Congress agreed not to make it part of fiscal cliff negotiations.
The package passed Tuesday by the Senate and House extends most the Bush-era tax cuts for individuals making less than $400,000 and married couples making less than $450,000.
Obama said the deal "protects 98 percent of Americans and 97 percent of small business owners from a middle-class tax hike. While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country."
The income threshold covers more than 99 percent of all households, exceeding Obama's claim, according to the Tax Policy Center. However, the increase in payroll taxes will hit nearly every wage earner.
Social Security is financed by a 12.4 percent tax on wages up to $113,700, with employers paying half and workers paying the other half. Obama and Congress reduced the share paid by workers from 6.2 percent to 4.2 percent for 2011 and 2012, saving a typical family about $1,000 a year.
Here’s how it affects you: if you earn $50,000 a year, you will pay $1,000 in taxes this year. It will come right out of your paycheck. That comes out to a little more than $19 dollars cut in your paycheck every week.

Read more: http://www.newsnet5.com/dpp/news/loc...#ixzz2GqgHSV13

[CJ7]

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anyway, thats the way it stand right now

apparently neither side of CONGRESS was overly concerned and let the cut sunset ...

IMO, people who want SS checks should pay for SS, PERIOD. and the general population wants SS.

oddly enough the wingers bitch about SS adding to the deficit, when the government increases revenue to help pay for a social program that would reduce the deficit the wingers bitch about it ..

aint no pleasing the kids is there?

[Gotyour6]

Obama helping the poor lol

People are bitching about it in their checks.

Some here lost $80.00 a month and that hurts.

Just tell them they will get it back when they retire Muhahahahahahaha

[i'va biggen]

Not as big a jump if there was no agreement made.

[Randy4Candy]

It was a temporary, emergency cut - end of story. One can make a pretty strong case that Obama displayed a sense of realism sadly lacking among the Teawipes and at least one of their "leaders," Grover Norquist.

There is no "there" there in this story.

[Doove]

Originally Posted by Gotyour6

Just tell them they will get it back when they retire Muhahahahahahaha

Or we could just tell them that instead of whining about the $80 they're not really losing, they should be grateful for the $80/mo they were getting for as long as they were.

The smart people will understand. The dumb ones? Who cares?

[Texas Contrarian]

The two percentage point payroll tax cut was bad policy to begin with and needed to be ended. In fact, it should have been ended last year, but was extended for one more.

The reason it was enacted in the first place is that Senate Republicans wanted to extend tax cuts for high income earners, while Democrats wanted further tax cuts for the non-affluent. So a trade was worked out in 2010.

But experience shows that tax "cuts" perceived as temporary never do as much as much to stimulate the economy as their proponents claim. As with most things congress does these days, they're much more about politics than economics.

Ending this unsustainable gimmick was just about the only good thing to come out of the new bill.

[WTF]

Originally Posted by CaptainMidnight

The two percentage point payroll tax cut was bad policy to begin with and needed to be ended. In fact, it should have been ended last year, but was extended for one more.

The reason it was enacted in the first place is that Senate Republicans wanted to extend tax cuts for high income earners, while Democrats wanted further tax cuts for the non-affluent. So a trade was worked out in 2010.

But experience shows that tax "cuts" perceived as temporary never do as much as much to stimulate the economy as their proponents claim. As with most things congress does these days, they're much more about politics than economics.

Ending this unsustainable gimmick was just about the only good thing to come out of the new bill.

[Laz]

Originally Posted by CaptainMidnight

The two percentage point payroll tax cut was bad policy to begin with and needed to be ended. In fact, it should have been ended last year, but was extended for one more.

The reason it was enacted in the first place is that Senate Republicans wanted to extend tax cuts for high income earners, while Democrats wanted further tax cuts for the non-affluent. So a trade was worked out in 2010.

But experience shows that tax "cuts" perceived as temporary never do as much as much to stimulate the economy as their proponents claim. As with most things congress does these days, they're much more about politics than economics.

Ending this unsustainable gimmick was just about the only good thing to come out of the new bill.

I agree. This was bad policy from day one and it should have ended. I am disgusted a bit by those using it as the example of how taxes were raised for even the lower income people as if it should have also been extended.

Before you libs bitch, yes I know that it is many conservatives using this to bash Obama. It is wrong regardless of the source.

[TexTushHog]

Who gave these same workers this temporary tax break?

[CuteOldGuy]

Yes, Obama did. Now when he no longer needs their votes, up goes the tax!

Remember, this tax hurts the middle class and poor more than the income tax.

But the election is over, so who really cares now?

[TexTushHog]

It was weak sauce as stimulus because it came in dribs and drabs. Stimulus is more likely to be spent when it comes in one check, unless you're well off, then it's not going to be spent in any event. But it was temporary all along. No one who paid any attention thought it was going to be for more than a couple of years. Who gives a shit. It's a bullshit talking point to start with that only works it ignoramuses. And you're smart enough to realize that.

[JD Barleycorn]

You could go back and check but that is not what you do. I called Obama out on this gimme when he proposed it and other times afterwards. I never agreed with it as it robbed your Social Security on the back end. However, someone here said don't blame Obama but it was Obama who lied repeatedly about what he was doing. Did he once talk about this during the campaign? You know he didn't. This is just another in a lengthening line of failure for Obama; Cash for Clunkers, Green Energy, the Arab Spring, the Summer of Recovery, Fast and Furious, Benghazi, and the payroll tax cut.

[WTF]

Originally Posted by JD Barleycorn

. I never agreed with it as it robbed your Social Security on the back end. .

I have already debunked that lie three times. Why do you keep repeating it?

[Doove]

Originally Posted by WTF

I have already debunked that lie three times. Why do you keep repeating it?

Because he hasn't thought of a better one yet.