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Sun Jan 13, 2013, 08:33 AM

I'm curious has anyone seen a tax increase in there latest paycheck

I work a part time job as a security guard in a nursing home and last Wednesday the employees of that facility got payed and I over heard some of them talking about they received less money in there checks because of more taxes taken out.I don't know if its Federal or Social Security they were talking about

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Reply I'm curious has anyone seen a tax increase in there latest paycheck (Original post)
bigdarryl Jan 2013 OP
exboyfil Jan 2013 #1
FreeJoe Jan 2013 #2
JustAnotherGen Jan 2013 #3
Igel Jan 2013 #6
JustAnotherGen Jan 2013 #7
Danmel Jan 2013 #4
bigdarryl Jan 2013 #5

Response to bigdarryl (Original post)

Sun Jan 13, 2013, 08:37 AM

1. S.S. withholding went

back to its normal level (6.2% vs. 4.2%). That will be noticed especially for people not making a lot of money to begin with. When getting a 2% raise is a big deal getting a 2% reduction is also a big deal.

It should have never been adjusted downward. It was laying the seeds for later criticism.

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Response to bigdarryl (Original post)

Sun Jan 13, 2013, 08:40 AM

2. Not me

SS went up 6.2%. Health care deduction increased. Vision care decreased because I dropped family coverage. The company started matching my HSA again, but that goes into my HSA and doesn't show up net on my paycheck.

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Response to bigdarryl (Original post)

Sun Jan 13, 2013, 08:50 AM

3. I actually

Got .22 cents more. Mid year I tried to negotiate for a larger percentage bonus and more vacation time and instead got a raise effective the First paycheck of the year and two more personal days (those are use them or lose them).

So my raise was offset to the Social Security tax being set back to an amount that funds social security appropriately.

That didn't go up. It was a holiday. We just got a break for two years that gave Republicans an opening to say SS was going to go bankrupt. It never should have been given to us in the first place.

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Response to JustAnotherGen (Reply #3)

Sun Jan 13, 2013, 01:55 PM

6. "That didn't go up."

Then again, the same logic applies to the income tax rate change for the top earners.

Nobody increased their income taxes. The income tax decrease ended and wasn't renewed.

On the other hand, we have this called "raising the taxes on the wealthiest" in political speeches and most people here would say that the rich saw their taxes go up.

Same words apply to the FICA tax. We don't want to call it an FICA tax increase or say that rates went up.

The difference isn't one of fact but of spin. We like saying that we increased income taxes on the rich. We don't want to say that we increased payroll taxes on the lower wage earners, including that large chunk of families that pay no net income tax. Doesn't matter that the two cases are exactly parallel.

The FICA tax reduction didn't allow (R) to claim SS was going bankrupt. SS was shorted no money by the FICA tax reduction. It had zero effect on the money turned over to the SSA. It did allow them to say that it increased the deficit, because the money not collected by decreasing FICA taxes was made up by money from other sources, including debt issuance. On the other hand, few (R) actually made that point because it was trivial and temporary.

The entire (R) point boils down to two problems: (1) If you don't "fix" OASDI, there'll be a 25% benefits reduction in perhaps 25 years. If you make perhaps a 5% cut now you won't have that 25% reduction. Small cuts early in a budget shortfall make for no cuts later; no cuts now make for steep cuts later. (2) Either way, when we repay the trust fund money we need to find the cash some place, through cuts or through new taxes or new debt issuance. If we choose to issue new debt, that's going to really increase the publicly held debt. If the demand's not there, it'll increase the debt interest and that would quickly become unsustainable. Or we could raise taxes considerably. Or cut services to tax payers. All suck.

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Response to Igel (Reply #6)

Mon Jan 14, 2013, 07:08 AM

7. ITA on the income tax increase

I feel that too was set back to a "better" rate but not an accurate rate. Now that we are married (April last year) they still aren't taxing us accurately. They should have reset to what Obama proposed (250) or lower.

Background - Two high earners in a high cost of living area in a high cost of living state. I'm going to sound like a broken record if you have read my posts before. . . Tax me dammit!

Honestly - I don't care about the debt. I don't care. Do something dramatic now, so that we can make a massive investment in America now - and we will worry about the debt in dice years.

1. Tax me on my full income fo SS fund. Again - we are stopping waaaaay too early in the year. My noting of the 22 cents - I had to look at my first check in June. That's criminal - you want Seniors eating cat food in 20 years? Then keep that nonsense up.

2. Set the wealthiest earners AND interest incomers back to 1956. I'm in the first group and I'm ready to invest in America.

We need to counter those R Talking points you very clearly outlined with simple statements (Invest in America) that questions the loyalty of the rich and wealthy to their country.

Because I'm in that demographic - and I question my peers.

My greatest fear - is that we are going to implode as the baby boomers age and we need to get ahead of tat now sp they are not cold and hungry. That is not acceptable to me.

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Response to bigdarryl (Original post)

Sun Jan 13, 2013, 08:54 AM

4. yes

The Social Security witholding % increased. My check is lower.

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Response to bigdarryl (Original post)

Sun Jan 13, 2013, 10:08 AM

5. I'm luck in that I don't get SS taken out of my retirement

After contributing for 25 years in SS on my state job after I retired in 2011 SS stopped being taken out .As far as my part time job they only take out like $3.00 from my check

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