Why are most people going to lose 2 % off their paycheck ??
http://www.dailykos.com/story/2013/01/04/1176355/-The-Answer-to-WhyMyPaycheckIsLessThisWeek-Warning-Contains-Facts#
The payroll tax holiday, which lowered your paycheck deduction to Social Security from 6.2 to 4.2 percent, was passed in 2010. As Matt Yglesias describes, the 2009 Recovery Act contained a similar measure that Republicans didn't want to extend "mostly because it was too closely identified with Obama."
The final deal let the Bush tax cuts expire only for those making $400,000 and above. If you make between $250,000 and $400,000 a year, congratulations! You dodged a bullet, and by "bullet" I mean paying the tax rate you did under President Clinton. But as part of your bullet-dodging, and as part of the House Republicansâ slavish devotion to Grover Norquist's anti-tax pledge, and as part of the ridiculous process that lead to this last minute "fiscal cliff" deal in the first place, the payroll tax holiday was traded away and paychecks for every American who works for a living shrank this week.
And that's why your paycheck is less. Not Michelle Obama's coat, not immigrants, not unions, and not stories about free "Obama phones" you read on the Internet.
The payroll tax holiday, which lowered your paycheck deduction to Social Security from 6.2 to 4.2 percent, was passed in 2010. As Matt Yglesias describes, the 2009 Recovery Act contained a similar measure that Republicans didn't want to extend "mostly because it was too closely identified with Obama."
The final deal let the Bush tax cuts expire only for those making $400,000 and above. If you make between $250,000 and $400,000 a year, congratulations! You dodged a bullet, and by "bullet" I mean paying the tax rate you did under President Clinton. But as part of your bullet-dodging, and as part of the House Republicansâ slavish devotion to Grover Norquist's anti-tax pledge, and as part of the ridiculous process that lead to this last minute "fiscal cliff" deal in the first place, the payroll tax holiday was traded away and paychecks for every American who works for a living shrank this week.
And that's why your paycheck is less. Not Michelle Obama's coat, not immigrants, not unions, and not stories about free "Obama phones" you read on the Internet.