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Protect Your Paycheck

Rocketman

Rocketman

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Although the headlines suggest that only top earners need to worry about a tax increase next year, the latest reports from the fiscal-cliff front tell a different story. The Washington Post and other media are reporting that President Barack Obama and House Speaker John Boehner have agreed to allow the payroll tax holiday to expire as scheduled on January 1.

If that happens, you won’t be able to take solace in the promises that only those making $200,000 (or $400,000 or $1 million) or more face a tax hike in 2013. In fact, every working American will be hit. Allowing the payroll tax (the levy that pays for Social Security) to rise from 4.2% to 6.2% will cost the average family an extra $1,000 in taxes next year; two-earner couples could owe an additional $4,000 or more.

Protect Your Paycheck - Yahoo! Finance
 
Of all the destructive, misleading nonsensical ideas that politicians come up with, that payroll tax holiday was one of the worst. Anyone who thinks that won't hurt them in the long run doesn't understand the system, the amount you receive when you retire is based on the amount you pay over the course of your lifetime. You either pay now or pay later. Later being a time when you really need that money.

Important to keep in mind that a huge majority of the Obama supporters don't pay taxes at all and many don't work so they don't pay attention to little things like this because they're not affected. Their lord and savior Obama is going to take care of them, that's why they vote for him. Obama is going to take that money from the evil people that actually work and produce and redistribute it to them.
 
Ray410 said:
Important to keep in mind that a huge majority of the Obama supporters don't pay taxes at all and many don't work so they don't pay attention to little things like this because they're not affected. Their lord and savior Obama is going to take care of him, that's why they vote for him.
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Wow, talk about buying into that 47% nonsense. Hook, line, and sinker. Beyond that, in fact, because here's a guy who actually thinks it referred to paying "no taxes at all." :lamo
 
Ray410 said:
Of all the destructive, misleading nonsensical ideas that politicians come up with, that payroll tax holiday was one of the worst. Anyone who thinks that won't hurt them in the long run doesn't understand the system, the amount you receive when you retire is based on the amount you pay over the course of your lifetime. You either pay now or pay later. Later being a time when you really need that money.

Important to keep in mind that a huge majority of the Obama supporters don't pay taxes at all and many don't work so they don't pay attention to little things like this because they're not affected. Their lord and savior Obama is going to take care of them, that's why they vote for him. Obama is going to take that money from the evil people that actually work and produce and redistribute it to them.
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He is without a doubt the worst president in the last 50 years
 
i'm ok with the payroll tax returning to normal; that cut was only meant to be temporary, and i want the program to be solvent. i can't afford the increase, but it is what it is. i'll re-budget and make do.
 
Helix said:
i'm ok with the payroll tax returning to normal; that cut was only meant to be temporary, and i want the program to be solvent. i can't afford the increase, but it is what it is. i'll re-budget and make do.
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Me too, but it will mean cost cutting for other businesses that need the boost right now
 
Across the board tax increases and mandatory federal spending cuts? Yeah...I can live with that. Not at all surprising actually. Let the cuts expire, come back some new spending increases stuck into stop gap legislation (because good luck ever getting the senate to vote on a budget), and several months worth of haggling over the new next round of tax cuts. Add in the pending mandate to buy health care insurance (NOT a tax...heh...heh...). Lower income folks will feel the pinch...but hey...as long as both sides can point fingers and blame the other guy...win win...right?
 
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