dontcha love how everyone in the media seems excited about movement on the “media cliff” “before dawn” in the senate last night? how many of them mentioned that the holiday on payroll taxes for social security on incomes up to $110,000 has been allowed to expire? please, since that’s legislative double-talk, may i explain?
EVERYONE makes “up to $110k.” some people make a LOT more, some make a lot less… but the “up to” part includes everyone who gets a paycheck. and for the past 11 years or so, the social security payroll taxes withheld from EVERYONE’s pay has been reduced. people who make millions a year don’t pay any social security taxes on any of their income past $110k… as of the 89-8 senate vote last night and pending the house vote today or tomorrow, that tax break for EVERYONE is now gone. your taxes just went up. middle class, lower class, upper class — it doesn’t matter. you taxes just went up. except it DOES matter — it hurts a lot more the less you make…. but don’t expect the mainstream media to explain this to you!