Tuesday, December 18, 2012

46% Hike in Payroll Tax (FICA) Coming in Days.

    As we have been telling you...a tax hike for all of you is coming in just days...A big one.
     While the wealthy media and the wealthy pols argue over whether "rich" starts at $400K or $1M, a family with a $50K annual income will see an extra thousand dollars in taxes in January 1.
     That's when the Obama-era cut to the FICA payroll tax expires.  Just like when Bush-era tax rates expire, it has to be considered a hike in taxes on the middle class especially.
     CBS reports the President is not asking for a renewal of the 4.2% employee rate, which will revert back to 6.2%....That's a 46% increase in this tax alone.
    Wow !......so much for middle class families.

Will the 2% Social Security payroll tax cut expire? - CBS News

9 comments:

Anonymous said...

Oh that's not tax...its "insurance".

Anonymous said...

If I move next to a golf course, will I still have to pay it?

Anonymous said...

Statistics are a lot like bikinis. What they reveal is interesting, but what they conceal is crucial. BTW: What was the % decrease when the rates went down from 6.2% to 4.2%? Was it 46%?

Anonymous said...

That ss rate reduction NEVER, EVER should have been reduced in the first place . It was a short sighted move .

Anonymous said...

I'm not sure I agree completelty with 3:02, because no matter how much we pay into SS we will never get it back because the government just steals it from us to use as they please, he does raise a legitimate point.

But the jist of all of this hulabaloo is that ANYONE who voted for Obama thinking that someone else and not him/her was going to be paying higher taxes, has their head where the sun don't shine.

Anonymous said...

Why should the 47% care about tax increases? They won't be paying them. Why should the Dannie types worry about tax increases, as they will be exempted from them. Many of the very rich won't be touched by any coming tax increase. They will find a way to avoid it, lay off people at their businesses, or put their money elsewhere. Cuts won't happen in any programs. Cuts will happen with our military, but not with the military FREESTUFF programs sponsored by the military. Military retiree healthcare and benefits won't be cut, but capabilities will be. The golf courses will remain open.

Anonymous said...

A Ponzi scheme that should never been started in the 1st place and doomed the minute Johnson started using it to pay for his Great Society programs. We can not afford to continue down this mad road. Let us wean ourselves off the government teat and unchain the private sector to put America back to work.

Anonymous said...

horseshit ponzi scheme you want to talk Ponzi scheme its the 401K cooked up by big bidness to SCREW its workforce by cutting pensions. Most have less than 60K in their 401 at retirement . Try living off that on a 3 % ROI . Whereas SS guarantees a living return and takes the RISK off people who frankly do not understand how to invest

Anonymous said...

Yeah, but the difference is that a 401k actually owns something...an asset...a stock...a portion of a company or of land or of gold.

Whereas SS own nothing. zero, zip, zilch, nada, nil, nothing. All they own is an IOU that the government promises to make your chil'ren pay to you..."we'll see 'bout that", the kiddies say.