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Author: GardenStateFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 892836  
Subject: Re: 2% pay cut Date: 1/14/2013 9:33 AM
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After a quick search I found out that the government raised the payroll tax by 2% back to the default 6.2% rate. We are all now 2% poorer.

If you really WERE researching, you'd have found out that our one-year "tax holiday" announced in 2010, took place in 2011, and was extended for 2012, has expired (properly) and that we are back to funding SS at the level that it was at for many, many years. This was a planned expiry, and we are fortunate to have gotten it for an extra year. Of course, everyone with short-term memory challenges are now saying exactly what you said: that they RAISED the taxes. No, they didn't. They simply allowed the CUTS to expire.

but it does irk me a little to think that Obama has been pushing for the wealthy to shoulder more of the deficit burden, but then allows this ultra regressive tax (it cuts off at $113,700) to hit the people who need the money the most.

And it also cuts off the benefit they receive down the line. And they'll need it "most" THEN, as well.
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