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Millions noticing paychecks lighter today, due to payroll tax hike

Home - by - January 12, 2013 - 05:00 America/New_York - 16 Comments

FOX News 

Gabriella Hoffman’s paycheck is a little lighter today, thanks to a payroll tax increase that is forcing millions of Americans to make the kind of tough budget cuts their representatives in Washington lawmakers seem unwilling to tackle.

Hoffman, a 21-year-old Virginian who works at a nonprofit, estimates her paycheck will be roughly $30 less this biweekly pay period, or about $780 annually, thanks to the end of a two-year cut on payroll taxes, which fund Social Security. The tax has risen back up to 6.2 percent from 4.2 percent, costing someone making $50,000 annually about $1,000 per year and a household with two high-paid workers up to $4,500.

“As a newly-graduated person, someone coming straight out of college, I don’t like the idea of having less money coming to me due to the selfish interests of people in Congress who don’t have any interest in reducing our financial problems,” Hoffman told FoxNews.com. “This is an impediment for future economic growth. It’s going to make it harder for young people like myself to get married, find a better job, you name it.”

Hoffman admits the hike won’t completely alter her spending, but the University of California-San Diego graduate said she will definitely have it in mind when it comes to leisure activities and entertainment.

“Although it’s a small quantity on a monthly basis, just having less money going into my paycheck will prevent me from doing things and force me to be more frugal,” she said. “I’ll be more cautious with my spending.”
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» 16 Comments

  1. Mary Jane Anklestraps

    January 12th, 2013

    http://bearsharkaxe.com/wp-content/uploads/2012/06/you-dont-say.jpg

    College kids are funny. They read all those technical books to get smart, yet they don’t have common sense.

    Stay tuned, precious. There’s more coming.

    Noteworthy Comment Thumb up +10

     
  2. Aidan

    January 12th, 2013

    Gabby, Gabby, Gabby … ten to one says you pulled the lever for a libtard.

    Thumb up +9

     
  3. GreenCrossForSafety

    January 12th, 2013

    A great follow up question to ask would have been “Who did you vote for in the 2012 (and 2008 if they’re old enough) Presidential election?”

    Thumb up +5

     
  4. Hanoverfist

    January 12th, 2013

    Gabby works at a nonprofit and gets paid?
    Whay a HYPOCRITE.

    Thumb up +5

     
  5. Eric

    January 12th, 2013

    “Payroll taxes, which fund Social Security.”

    “the selfish interests of people in Congress who don’t have any interest in reducing our financial problems,” “This is an impediment for future economic growth. It’s going to make it harder for young people like myself to get married, find a better job, you name it.”

    Typical, she has a college degree but no understanding of the workings of the government. (yes I know the gov will steal SS funds again)

    Thumb up +4

     
  6. venturaguy

    January 12th, 2013

    $780 X 45 years is $35,100 more contributed to the Social Security Fund

    Invested in an IRA or something it would be worth 3 to 4 times that at 65

    Thumb up +5

     
  7. Snowball the Sourpuss

    January 12th, 2013

    “I’ll be more cautious with my spending.” Good for you, Gabs. How about being more cautious with your freakin vote?!

    Thumb up +7

     
  8. fullcirclethinker

    January 12th, 2013

    “Gabriella Hoffman’s paycheck is a little lighter today, thanks to a payroll tax increase that is forcing millions of Americans to make the kind of tough budget cuts their representatives in Washington lawmakers seem unwilling to tackle.”

    Seem unwilling? Seem unwilling!? How about plain unwilling?! Sadly, this is yet another example of the nanny state encroaching on the lives of the private citizen with such glaring double standards that it simply boggles the mind.

    As has already been pointed out: Better get used to it ’cause there is oh so much more to come…..

    Thumb up +4

     
  9. john

    January 12th, 2013

    Social Security is running in the red. You gotta pay into to it for grandma to draw out of it.

    I voted for Mitt. I am not a big tax guy.

    But I think SSI, even tho a tax, is more akin to my 401(k) deductions than it is ny income tax.

    It seems unwise not to contribute to either ones retirement fund or to SSI.

    Both hurt like hell. idea is the future is coming when there is no income at all.

    Thumb up +1

     
  10. scr_north

    January 12th, 2013

    A UC San Diego grad and works at a non-profit. I know I’m jumping to a conclusion (hey, they’re the best to jump at) but I suspect that it’s a liberal arts degree and some sort of Prog non-profit (well, non-profit except for the executives) that she works at. In any event, it would be interesting to find out.

    Thumb up +2

     
  11. Carlos The Jackal

    January 12th, 2013

    “No new taxes”
    it worked for GB Sr.; hoping it will work as well for obama.

    Thumb up +1

     
  12. skh.pcola

    January 12th, 2013

    Just do a search for her name…she’s a conservative. Not many her age, for sure.

    Thumb up 0

     
  13. DavidD

    January 12th, 2013

    She probably has no clue that those payroll taxes are supposed to be going to fund her own social security (at least theoretically…)

    Thumb up +1

     
  14. scr_north

    January 12th, 2013

    @skh.pcola; Good point. She has a poly-sci degree with a minor in history and works for the Leadership Institute which claims to have trained over 100,000 young conservatives as organizers/leaders. It was founded by Morton Blackwell a Louisiana conservative. It would seem her the credentials are ok (albeit poly-sci and history don’t strike me as too challenging although some would disagree, usually poly-sci and history majors) but I wonder about her comments that she doesn’t separate “the selfish interests of people in Congress” into Dems/Rinos and real conservatives. There were quite a number of conservatives (hell even some of the Rino’s jumped in) that did atempt to stop some of the massive spending but in the end lost the game of chicken. In any event, I did appear to have jumped the gun as she does seem to have conservative credentials and not a Meghan McCain MSM pet conservative claiming retard..

    Thumb up +1

     
  15. Mr.Gates

    January 12th, 2013

    It was a bad idea when Obama cut that rate in the first place. They should just cut all other taxes across the board. And stop all the needless spending.

    However, Social Security, in its current form, should be phased out entirely. The system is just another government imposed tyranny. Who the hell asked those fascist busy bodies to impose a government dictated retirement plan on us? Pigs.

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  16. GI-had Joe

    January 12th, 2013

    1st paycheck of the year and its $400 lighter. I hate fucking thieves.

    Thumb up +1