Search Results : Payroll Tax Cut

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Getting It Wrong On Disability Insurance

I've explained that a new House rule will make it harder to reapportion payroll taxes between Social Security's retirement and Disability Insurance (DI) trust funds to avert a one-fifth cut in benefits to severely impaired DI recipients in late 2016. Show More Summary

New Poll Shows Voters Prefer Payroll Tax Cut to Minimum Wage Hike

As Guy Benson reported earlier today, a new poll of likely voters conducted for Townhall by Gravis Marketing found that Rep. Bill Cassidy (R-LA)...

Don't Expand Government, Cut the Payroll Tax Instead

The Earned Income Tax Credit is one of the federal government's most successful anti-poverty programs. As House Budget Committee Chairman...

Robert Kuttner: Obama, the Economy and the Movement

The Congressional Budget Office last year warned that the increase in payroll taxes coupled with the $85 billion Sequester would cut the growth rate for 2013 in half. That's happening. Instead of furloughing public employees, the government should be adding new public jobs. Show More Summary

Payroll tax hike prompts spending cuts

(CNNMoney) - Most Americans plan to cut spending to make up for income lost from the payroll tax hike, according to a New York Federal Reserve study released Wednesday. The payroll tax cut, which was in effect in 2011 and 2012, reduced the amount withheld from workers' paychecks to 4.2%, down from 6.2%. That put […]

Here's How Much Americans Will Lose From The Payroll Tax Hike

2013 is a tough year if you owe payroll tax, as most of us do. Not only did the 2010 payroll tax cut die at the end of 2012, but high-income workers now owe an extra 0.9 percent, thanks to the Affordable Care Act. Economists worry about...Show More Summary

It's Time To Cut The Payroll Tax

This is exactly right, from Justin Green. Cut the payroll tax — Justin Green (@JGreenDC) April 5, 2013 The upshot of today's bad jobs report, assuming the numbers aren't revised massively, is that retail sector is weak, which implies a negative effect from the increase in the payroll tax, which happened at the start of the year. Show More Summary

Incomes Drop Most in 20 Years

In January of this year incomes dropped the most they have in 20 years. Let me just allow that to sink in. With the payroll tax cuts expiring...

Payroll Tax Pinch

Packer blames Walmart’s sales decline on the expiration of the payroll tax cut: Last week, Bloomberg News reported that Walmart’s sales in the first days of February were abysmal. In internal e-mails that were leaked, one corporate vice-president described the situation as “a total disaster,” while another asked, “Where are all the customers? And where’s their money?” The [...]

Consumer Spending Restrained Thanks to Tax Hikes and Higher Gas Prices

It’s an Obama world. Thanks to the expiration of the two percent payroll tax cut and record gas prices consumer spending was restrained in January. (Wall Street Journal) Reuters reported, via Free Republic: Retail sales barely rose in January as … Continue reading ?

Will GOP give up 'doc fix' hostage for permanent solution?

We've heard this one before: "Efforts to finally get rid of that dreaded Medicare payment formula could see smoother sailing [...]" A year ago there were hopeful signs that a permanent fix would be done in the payroll tax cut extension. Show More Summary

Payroll Tax Increase May Hurt Consumer Spending

One part of the “fiscal cliff” deal that received little attention was the expiration of the middle class payroll tax cut. The tax increase occurred immediately and hit workers right in the paycheck. While the lower classes may not drive the economy, their spending does have influence.

Feeling the Pinch

I fear TPM Reader RC may be on to something... I think it was a mistake for the administration not to make more noise about the expiration of the payroll tax cut....

Smaller pay checks — a January surprise

(Paul Mirengoff) Working Americans have just experienced a pay cut they didn’t expect — the cut resulting from the expiration of the reduction in the payroll tax rate. Like most Americans, the some of the folks who post at the Democratic Underground are not amused. Show More Summary

Job Growth Slows a Little

U.S. job growth dropped slightly in December, "showing that the economy muddled along as Congress fought over tax increases and spending cuts," the Wall Street Journal reports. "U.S. nonfarm payrolls increased by a seasonally adjusted 155,000 jobs last month... Show More Summary

The GOOD tax hike hidden in the fiscal cliff deal

Payroll tax cuts will expire: Taxes will rise on the middle class even if this deal passes, because it doesn’t include an extension of the payroll tax holiday. That means that the paychecks for more than 160 million Americans will be 2 percent smaller starting in January, as the payroll tax will jump from 4.2 percent to 6.2 percent. Show More Summary

Some good things about the fiscal cliff deal

The payroll tax cut is no more. If it had been allowed to continue, Social Security and Medicare would be in even more trouble. A 4 percent tax increase on people making over $400K a year isn’t the end of the world, given that Democrats control the White House and the Senate. Show More Summary

What happens if the payroll tax cut expires

New York (CNNMoney) – The payroll tax cut that boosted paychecks for millions of working Americans over the past two years may be on the brink of extinction. As Republicans and Democrats search for a plan to avert a fiscal cliff, it's looking more likely that the payroll tax holiday introduced under President Obama in [...]

Chuck Marr: A Worthy Alternative to the Payroll Tax Cut

We've explained that if policymakers don't extend the temporary cut in the Social Security payroll tax, every paycheck in America will shrink starting next month,...

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