Payroll Tax Hike Sparks Shock, Outrage
On Friday, millions of Americans began getting a taste of higher taxes as the expiration of the payroll tax holiday took a bigger bite out of their paychecks, leaving them with less cash in their wallets.
Gabriella Hoffman, a 21-year-old nonprofit worker, told Fox News that the tax hike will mean about $780 less in annual take home pay:
As a newly-graduated person, someone coming straight out of college, I don’t like the idea of having less money coming to me due to the selfish interests of people in Congress who don’t have any interest in reducing our financial problems. This is an impediment for future economic growth. It’s going to make it harder for young people like myself to get married, find a better job, you name it.
Employees who make over $113,700 can expect to see $87.46 evaporate from their bi-weekly paychecks. The end of the payroll tax holiday, which involved a 2% Social Security reduction, is expected to affect an estimated 160 million American workers.