No Matter Who Wins Presidency, Uncle Sam's About to Take a Bite Out of Your Budget
Social security taxes will increase in January as a scheduled reduction ends.
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You can expect to lose around $1,000 out of next year's income. Social security taxes are going back up.
After a two-year reduction is scheduled to end on Jan. 1, 2013, most working Americans can expect to lose some cash, according to a report on 6ABC. The change will affect over 163 million workers with the new tax hike.
The social security reduction was intended to stimulte the economy, but according to reports many politicians do not believe it made a positive impact.
"If it continues, it will threaten the revenue stream that funds social security," said the ABC report.
At this point, no one in Congress nor the presidential candidates have mentioned any efforts to reverse the increase. The typical worker can expect to lose around $1,000 annually. A two-income family making six figures is scheduled to pay around $4,500 more, according to reports from the Associate Press.
No matter who wins the presidency, the tax increase is scheduled to occur.
SMYRNA-X
9:13 pm on Monday, October 22, 2012
I am no fan of taxes. However, how can ss exsits without funding? The last two years, instead of addressing lower wages and poor employment prospects, the govt took a shortcut and cut money going to ss. We expect to collect ss but not pay for it? Regarding taxes in general, if bush puts in to place the "bush" taxes cuts, and obama keeps the cuts in place, doesnt that make the "bush" tax cuts the "bush/obama" tax cuts?
Stephen Eickhoff
10:52 am on Wednesday, October 24, 2012
I'm a low-tax guy (that is, I favor keeping government as small as possible so that large tax receipts aren't needed), but I recognize that lowering the cash flow to SS when it's already running low on funds was stupid. Unless SS is revamped, the current funding level must be maintained.