Friday, January 11, 2013

Ouch! No, you’re not imagining it. Your paycheck just shrank. (no kidding MSM !)

   Only now are august media outlets like the Washington Post writing about the news all of you got in your first paycheck of 2013.  Your taxes went up and the woefully uninformed media and political class had been so busy shopping the fiction of a "middle class tax cut" that they forgot to report what was really happening.
    There was no tax cut. The withholding rates have been what they are for a decade and all that was on the table was to keep them the same.....
    Meanwhile another long time tax....the FICA, or Social Security payroll tax, was cut in 2010 from 6.2% to 4.2%.  As an employer and as a businessman. I knew about it and understood its effect on pay checks...However the media didn't and as the rate expired and reverted to 6.2%, the effect was the "middle class tax cut" dutifully reported for weeks was actually a tax hike.
     I know I have discussed this before, but when you see a pillar of journalism only now reporting on this as if its something new, you realize how bereft the news biz is of depth and knowledge....
    

Ouch! No, you’re not imagining it. Your paycheck just shrank.

15 comments:

Anonymous said...

This is what the progressive Mikey was selling the entire time. Be happy you stupid working people. Imagine what paychecks are going to look for the next round of tax increases. This is only fair. You can't buy votes and give away FreeStuff unless you take money away from people who work. For those of you who agree with Mikey and Dannie types, let me repeat that. You can't give away FreeStuff without taking money away from people who work. Enjoy. Next time you hear the Mike talking about collective baaaaaahhhgaining and faaainess and those ugly greedy corporations and faaah shahh this and that, remember who will really be paying for it. You.

Anonymous said...

It is the Obama voters that are bereft of depth and[of] knowledge. Anyone that was paying attention knew what was happening.

Anonymous said...

I don't follow what you are saying. This FICA thing has been in the MSM for the past month, if not longer. I've read about it in the WDT, and seen it on the broadcast networks ad nauseum. I don't get your angle on this. It isn't like this has been kept a secret.

Anonymous said...

Cuomo did the same thing last year with a tax cut that turned out to be a tax increase. Just the kind of lying progressive Mikey gets all drippy about. And media cheered all the way. These is strange times.

Anonymous said...

"Hopeless" and "Change," as in no bucks!

Anonymous said...

The answer is, don't work. If you can get on disability, so much the better. If you can get your money UNtaxed, that's really cool. If you can get your property taxes payed too. Neeeeeat. Free health care and not have to deal with ObumbaCare, perfect. If you can do all of the above and live next to a golf course, you are in Heaven.

Dan Francis said...

6:32 - drop the "free stuff" BS -- no one is advocating free stuff ... your speech may be free, but you can stuff it... that lame toon is wearing thin.

Anonymous said...

When government gives out STUFF they don't pay for, then it becomes FREE, Dannie. Therefore, calling our stuff FREESTUFF is completely appropriate. And telling me to "stuff it"? That's not political speach, that's character assassination. I am deeeeeply offended. But more than that, I am so depressed that you are upset with me. Could it be that the real reason you do not wish to hear about FREESTUFF is that you receive so much of it, at the expense of your neighbors? In that case, I won't take your criticism so personally. It probably wasn't character assassination. I will seek a legal opinion.

We should meet sometime for coffee. It might end up being more fun than you imagine. Remember that scene in Tombstone where Doc Holliday said if "we couldn't be friends he couldn't stand it"? Hey, ya never know.

Anonymous said...

Fed income tax rate is lower than it's been since the 50s.
Fica payroll tax is going back to where it was up till 2010.
Not an increase, just back to where it was. Bullsh#t spin.
Get it straight.
Hate taxes? Move out of NYS.
Go live with Rick Perry.

Anonymous said...

Here some facts:
http://www.zerodhedge.com/news/2102-11-27/when-work-punished-tragedy-americas-welfare-state/

"When work is punished, the tragedy of americas welfare state" by Tyler Durden

Some statistics and facts, also the comments are worth reading.

for example: "The single mom is better of earning gross income of $29,000 with $57,327 in netincome & "benefits, than to earn the cross income of $69,000 with net income & benefits of $57,045"

For people who don't believe that. the Statistic is from Gary D. Alexander Secretaery of Public Welfare.


Anonymous said...

7:43 is correct. The reduction in FICA was never intended to be permanent.

Anonymous said...

7:43 is sooo right, and sooo sensible, and sooo fashionable. All you people who believe you pay less in taxes than you did in the 1950's stand up and cheer. Be f'n happy. NO ONE, except maybe 7:43, thinks of taxes as seperate categories. They think of the tax burden IN TOTAL. IN TOTAL our taxes have done nothing but grow and grow, just as our government's FREESTUFF programs have grown and grown. Lubricate, insert, and SPIN that. Dufus.

Where did you teach? OR What government job were you employed in? You sound dedicated.

Anonymous said...

I think 1:26 has some serious envy problems. Along with being ignorant of the facts, and a lousy speller.

Anonymous said...

List the ones that have grown,... mouth.
List your NY local, state, and federal percentages over each decade since the 50s. Everything.
You can't,... you won't. Bullshit.
Deal with a fact every now and then.
Republican fantasy world. We'll just make it up and call it true.

Go to Texas. Thump your chest about no state income tax. Then try to hide the fact you demanded more stimulus money than anyone else.
You're dumber than Perry. You'd fit.

Anonymous said...

My federal tax rate went from 35 to 39.6 percent. Back when Clinton was in office he had it down to 28 percent.
Before the 1986 tax reform I could write off passive losses, which made previous higher rates pretty much toothless. People used to write off their boats, second homes and you name it back then. But thanks for playing tax historian with non-interchangeable rates libtards.