Uncle Sam Is Taking A Bite Out Of Your Pay Check
By: Kadie Crowell
Updated: January 3, 2013
Crockett is one of 61,000
Americans who will soon see about a 6% deduction from each paycheck. This is up
from the past two years when Uncle Sam gave salaried and wage employees a break
during a payroll tax holiday, but now the holiday is over.
With the new deduction if
you bring home $50,000 a year you'll soon be paying in about $1,000 more than
the past couple of years. This has a lot of people readjusting their budgets
and some are wondering if this will have a negative effect on the economy "Knocking
down somebody's take home pay means less money that they have to go out and
spend to stimulate the economy, so as far as boosting it, I'm having some
doubts," explained CPA Ben Wallace.
Wallace isn't the only
one with doubt, he's said he's seen a lot of folks concerned, but others say
this pay cut may be worth it. "Some say, well if you know what if my take home
pay is reduced and it can offset the deficit or there will be something there
in social security to draw when I retire then I will take it," continued
Wallace.
The new deductions will
also affect those that are self-employed when it comes time for them to file
their taxes they too will a little more than a 2% increase.
