Why is Wal-Mart worried? Payroll tax could cut consumer spending.
-From the Christian Science Monitor – A payroll tax cut has expired and Americans making $50,000 a year will pay $80 a month more in taxes, almost $1000 more a year. The tax cut was enacted to help Americans weather the recession but it was allowed to expire after Obama and Romney claimed the economy had recovered.
Don’t worry everyone, you can afford to pay more taxes now since the economy has recovered, right???
How about $80 dollars a month more? But don’t worry, that money is earmarked for social security and will be there for you when you retire.
And the rich? Well, they won’t have to worry, the tax only applies to the first $113,000 of income.