Tax Pinches Those Who Earn the Least
Taxes will go up only on people making $250K or more. I love it when people who voted for obama get punched in the face by his leftist marxist statist plans. I giggle out loud and high five anyone around me.
Now… the payroll tax cut should never have happened anyways but it did. The interesting part is that this tax increase is on low income people who actually work. It may well drive more people on to entitlement programs that would otherwise not be. Maybe that’s obama’s plan. Could very well be.
Elections have consequences…..
Like millions of other Americans, they are feeling the bite from the sharp increase in payroll taxes that took effect at the beginning of January. There are growing signs that the broader economy is suffering, too.
Chain-store sales have weakened over the course of the month. And two surveys released last week suggested that consumer confidence was eroding, especially among lower-income Americans.
“If you wanted to design a policy to squeeze the spending of lower- and middle-income households, raising the payroll tax is the way to do it,” said Ian Shepherdson, chief economist at Pantheon Macroeconomic Advisors. “It’s very regressive.”