General Category > Economy/Business
The payroll tax hike wiped out a year’s worth of wage gains
jmyrlefuller:
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/01/08/the-payroll-tax-hike-just-wiped-out-a-years-worth-of-wage-gains/
by Brad Plumer
January 8, 2013
The good news: Many Americans saw their paychecks get fatter in 2012, as average weekly earnings rose 2.4 percent over the course of the year.
The bad news: The expiration of the payroll tax cut this January will basically wipe away all of last year’s gains.
(excerpt)
Relic:
I work in healthcare. I've lost ground the last 4 years. I'm old enough and frugal enough that just keeping my job is enough. If I were 30 and actively raising a family, I'd be scared to death right now.
But somehow, consumer confidence is high, and Obama got re-elected.
Someday, a free republic will emerge, and the study of the USA from 2000- ? will be required as a lesson on what not to do.
Rapunzel:
--- Quote from: Relic on January 09, 2013, 07:18:12 pm ---I work in healthcare. I've lost ground the last 4 years. I'm old enough and frugal enough that just keeping my job is enough. If I were 30 and actively raising a family, I'd be scared to death right now.
--- End quote ---
What do you do, Relic? if you don't mind me asking?
Relic:
--- Quote from: Rapunzel on January 10, 2013, 12:28:18 am ---What do you do, Relic? if you don't mind me asking?
--- End quote ---
IT... it's not specific to healthcare. But, in the old days, when I was raising a family, I was in MRI.
NavyCanDo:
Proof is in the January Paycheck stubs. Social Security Tax rate increased, going from 4.2 % to 6.2%.
For me that equates to $121.08 a month in higher taxes for SS alone.
So much for his "only raising taxes on the upper 2%”
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