This is hilarious. As you know, ladies and gentlemen, beginning with the first day of the year, and because of the fiscal cliff deal, the temporary partial tax cut on the Social Security tax expired. There was a temporary partial exemption on the payroll tax. I’ve been asked if most people noticed it. They didn’t notice it until they were told about it. It added up to, depending on your income, it could be a thousand dollars a year that you had extra because of this partial tax. Anyway, on January 1, that partial temporary tax cut expired, and now everybody’s payroll taxes are back up to 100% of what it should be, which is 13%. The employer pays half and the employee pays half. The employee pays it all but that’s too complicated even for people who understand the economy.
Anyway, here’s the thing, what happened here. The first paychecks for the new year for some people have gone out and they have noticed that their paychecks are smaller. And somebody went to Democrat Underground, somebody got the idea to go there and just troll and look around, and one of the first posts in Democrat Underground last night was this: “What happened that my Social Security withholding’s in my paycheck just went up? My paycheck just went down by an amount that I don’t feel comfortable with. I guarantee this decrease is gonna hurt me more than the increase in income taxes will hurt those making over 400 grand. What happened?”
The average Democrat who was out there applauding the tax increase on the rich discovered smaller take-home pay in his first paycheck. What the hell happened? So he looked into it and he found out that his payroll tax is now gone back up to what it should have been all along, the temporary partial deduction expired, and his take-home pay is less. He thought only millionaires and billionaires are gonna be paying more in taxes. We tried to warn everybody here that the middle class was gonna have a tax increase because the payroll tax deduction expired, and it was going back to full boat, 6.2% employee pay, 6.2 employer pay. The 6.2 employee payment was 4.2 for the last year or two. But now it’s back up to 6.2, which is gonna mean, depending on your income level, somebody making $75,000 a year, it’s $1500 a year taken out of their paycheck that has not been in the past two years.Continue reading on www.rushlimbaugh.com