Tax holiday expiration hitting low-income Americans hard

[Freeper]

davidn3600 (767 posts)

Tax holiday expiration hitting low-income Americans hard


 
Higher Payroll Tax Pinches Those With Least to Spare
Jack Andrews and his wife no longer enjoy what they call date night, their once-a-month outing to the movies and a steak dinner at Logan’s Roadhouse in Augusta, Ga. In Harlem, Eddie Phillips’s life insurance payment will have to wait a few more weeks. And Jessica Price is buying cheaper food near her home in Orlando, Fla., even though she worries it may not be as healthy.

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.

While these data points are preliminary — more detailed statistics on retail sales and other trends will not be available until later this month — at street level, the pain from the expiration of a two-percentage-point break in Social Security taxes in 2011 and 2012 is plain to see.


http://finance.yahoo.com/news/higher-payroll-tax-pinches-those-174834511.html

http://www.democraticunderground.com/10022340650

How can that be? I thought higher taxes was good for everyone.

Fumesucker (30,048 posts)
1. The payroll tax holiday expiration should have been offset with income tax cuts for low income n/t

Tax cuts are bad, people should pay their fair share.

[Delmar]

Response to davidn3600 (Original post)Sat Feb 9, 2013, 04:31 AM
magellan (11,880 posts)
3. I'm jealous they could afford a monthly date night before

That's an extravagance not seen here in years, even with the payroll tax holiday.

For years on end you can't afford a once-a-month steak dinner and a movie?   Magellan, you are pathetic.

 

[BattleHymn]

For years on end you can't afford a once-a-month steak dinner and a movie?   Magellan, you are pathetic.

 

But he has internet service.

[I_B_Perky]

davidn3600 (767 posts)

Tax holiday expiration hitting low-income Americans hard


 
Higher Payroll Tax Pinches Those With Least to Spare
Jack Andrews and his wife no longer enjoy what they call date night, their once-a-month outing to the movies and a steak dinner at Logan’s Roadhouse in Augusta, Ga. In Harlem, Eddie Phillips’s life insurance payment will have to wait a few more weeks. And Jessica Price is buying cheaper food near her home in Orlando, Fla., even though she worries it may not be as healthy.

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.

While these data points are preliminary — more detailed statistics on retail sales and other trends will not be available until later this month — at street level, the pain from the expiration of a two-percentage-point break in Social Security taxes in 2011 and 2012 is plain to see.

Whaaaat?!?!?! Lookey here dummie... Obumbles and the dems both wanted the SS cut to expire. Sucks to be you! You wanted it, you voted for it, you were successful and now you:
                                                                             

[Mr Mannn]

But. It's NOT Bush's fault. Taxes were supposed to go up on the rich. Now they are hitting the poor. 
Rising gas and food prices...way to shore up your base now isn't it?

Own it, suckers! 

[Undies]

That 2% was the difference between feast and famine?   How absurd.  At the most severe the only thing that should have changed is they had to ordered the chicken.

[BattleHymn]

That 2% was the difference between feast and famine?   How absurd.  At the most severe the only thing that should have changed is they had to ordered the chicken.

Yeah, what Undies said.  If 2% is the make or break point for you, have someone competent review your finances, because you're doing something wrong.

[I_B_Perky]

Yeah, what Undies said.  If 2% is the make or break point for you, have someone competent review your finances, because you're doing something wrong.

They are dummies!!! What'd ya expect? 

[Doc Savage]

Just wait till the "free" health care kicks in.  They will be lucky to be able to go to happy hour at sonic once a month.

[thundley4]

But. It's NOT Bush's fault. Taxes were supposed to go up on the rich. Now they are hitting the poor. 
Rising gas and food prices...way to shore up your base now isn't it?

Own it, suckers! 

Inflation is the biggest tax on middle and low income wage earners.   Obama and Bernanke are doing everything they can do to make inflation worse.

[SSG Snuggle Bunny]

I thought giving more money to the government allowed the government to give us good things?

Are they saying they could spend their money better themselves?

TREASONOUS AMERICA HATERS!!!

[Tucker]

If the poor are suffering, then they should have pulled themselves up by their collective bootstraps and improved their skills to get a better paying job.

Oh wait. There isn't any.

The leeches voted for King obama, they

 

[BattleHymn]

You primitives are doing it all wrong.  Your buddy Nancy Pelousy said for every one dollar the government spends on food stamps, in the end, it increases that dollar by 79%!  Amazing!

One can only ascertain that a 79% increase must also apply to all other federal dollars!  So, if you lost $20 of your paycheck due to that 2%, in the end you're helping the economy out by a whopping $35.80!