Neither Political Party Wanted To Defend The Little Guy’s Taxes
Because neither party wanted to defend it, the temporary payroll tax cut enacted under Obama died at the end of 2012, which means that everyone in the country will see a bigger tax bite out of their paychecks this year. So when you get your first check of the year, look at the amount charged under “FICA” – you’re going to be paying more than you did in December.
How big a bite is it? For many middle class workers, it will work out to a trip to the grocery store or a tank of gas less every two weeks this year.
To see where Washington’s priorities were during the Fiscal Cliff debate, consider the following:
Watch the CNBC video below for a full detail of the numbers: