Were people expecting this? I was surprised by this today, i hadn't heard that they were going to let it go back up. This will be a big hit to peoples pay checks.
Yes. The president gave up on extending the payroll tax a few weeks ago. Basically that issue was never a part of the last few weeks of the so-called fiscal cliff. Both Republicans and Democrats were silent. Funny how Joe Kernan and the other tools on CNBC were silent about THAT tax hike.
There were a whole bunch of credits and the like that went to po' folk that in Plan B Boehner set to kill. They were actually, no lie, going to kill all of those while not raising rates on the high end. The fact they were going to do this went almost completely unreported.
Stupidity and greed.... the payroll tax holiday should never have occurred in the first place. The program is running in the red and the temporary tax cut made things worse.
Exactly - plus the inevitable problem of having to deal with people who treat it ending like a tax increase....once you give something its hard to take it away...is letting a temporary tax reduction expire a tax increase? Strictly speaking though it didn't affect the SS trust fund, they agreed to transfer general revenues to Social Security to make up the difference of what would have been collected - of course its all just paper accounting since we are running deficits and the trust fund is nothing more than IOUs.
The income tax increases are for those making >$450-400k. The payroll tax holiday expired for everyone
Someone got to payfor the wage inflation and platinum health care programs for fat cat congressional wages and govt union wages. Austerity measures are just a matter of time. Sooner than later the retards on wall street will figure this out. I'm ready to short any new highs with max ammo.