Archived Fiscal cliff impact

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Did anybody get this lovely email about how the "decision" of the fiscal cliff is causing more taxes to be witheld from our paychecks??
 
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Yup. It sucks and I don't even know how much it will affect my paycheck since my next pay day is 1/11. :-(
 
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I'm not sure what was in the email, but we are going back to the tax rate that was two years ago. I'm not sure why there's such a big fuss about it. I mean I do (less money in our pockets and we're not seeing any material change from it) but if you are making $20k a year it comes out to be around $15 per paycheck. It adds up but it's not the horror story the media is making it out to be. We weren't getting that $15 extra two years ago.
 
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I didn't get an email but it's been on the breakout for huddle topic. Didn't affect today's check but it will from here on out. Although I don't think the extra 5% is going to be devastating to me.
 
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I didn't get an email but it's been on the breakout for huddle topic. Didn't affect today's check but it will from here on out. Although I don't think the extra 5% is going to be devastating to me.

Where do you get 5%? it"s 2 %. Two years ago as part of the "Stimulus" Social Security and Medicare tax taken from your pay was reduced from 7+% to 5+%, essentially giving you a 2% temporary raise. Now it has gone back to where it was for years before. This is not a tax increase - you've enjoyed a temporary tax DECREASE for two years - but you'd never know it if Fox is your news source.
 
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Well it wasn't just 2% on mine. That was the SS that was the 2%. Mine translated into $50+ difference and that is A LOT!
 
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Well it wasn't just 2% on mine. That was the SS that was the 2%. Mine translated into $50+ difference and that is A LOT!

I call bull sh** on this and my proof is 3rd grade level math.

In order for a 2% increase to cause you to lose $50 on your check, your check would have to be $2500. 2% of $2500 is $50.

So, you are either an ETL *or* the highest paid TM in the company *or* full of sh**.

If you are pulling in $2500 checks, that means you are pulling in $5000 a month. (i.e. an ETL) And if that is the case, I really don't give a damn and I doubt anyone else with any concept of fairness does either. $5000 a month? You can live with $50 less.
 

pzychopopgroove

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I call bull sh** on this and my proof is 3rd grade level math.

In order for a 2% increase to cause you to lose $50 on your check, your check would have to be $2500. 2% of $2500 is $50.

So, you are either an ETL *or* the highest paid TM in the company *or* full of sh**.

If you are pulling in $2500 checks, that means you are pulling in $5000 a month. (i.e. an ETL) And if that is the case, I really don't give a damn and I doubt anyone else with any concept of fairness does either. $5000 a month? You can live with $50 less.

Your rants are starting to turn me on.
 

pzychopopgroove

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Where do you get 5%? it"s 2 %. Two years ago as part of the "Stimulus" Social Security and Medicare tax taken from your pay was reduced from 7+% to 5+%, essentially giving you a 2% temporary raise. Now it has gone back to where it was for years before. This is not a tax increase - you've enjoyed a temporary tax DECREASE for two years - but you'd never know it if Fox is your news source.

you spelled Faux wrong.
 

pzychopopgroove

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Geez, what I could do on $5000 a month....
The possibilities are decadent....

If I got paid 5k a month i wouldn't be driving a damn honda civic that's for sure, i'd be more likely to drive a fxcking escalade with triple limo tint and 26" powder coated black rims lol.
 
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We've got to keep doing something about the healthcare system in this country.

It will get a lot better in 2014.... That is when the health care exchanges come online and the medicaid expansion hits (the aforementioned expansion won't happen in some republican states....). Lots of people will get coverage, and it will be better than the sh** Health Savings Account at Target.
 

pzychopopgroove

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It will get a lot better in 2014.... That is when the health care exchanges come online and the medicaid expansion hits (the aforementioned expansion won't happen in some republican states....). Lots of people will get coverage, and it will be better than the sh** Health Savings Account at Target.

I probably live in one of those Republican states. That sucks. That's the last thing the retirement capital of the world needs.
 
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Yea, it's seriously broken.
And that's with the duct tape and bailing wire they slapped on for the Affordable Care Act.
Can't believe the first act of Congress for the new year was to try and repeal it.

I keep telling myself they had to start somewhere...I could have sworn that I heard congress was going to give up trying to repeal it. But considering the genius who decided to do that, I shouldn't have been surprised.
 

commiecorvus

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Why would it matter correct me if I wrong but wasn't it tax the rich??

The rich are the getting the actual hit.
Our taxes are just going back to the point they were before the stimulus.
I always thought it was a shame that the president couldn't do like Bush did when they sent out a check with a big note saying "You're getting this check courtesy of the president!".
Instead, it was a little bit in every pay check that made it possible buy a few extra groceries or get some pizza.
 
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Well seeing as how you know everything "stateoftarget" you can say all you want but I am just stating the facts man. I know I am not the highest paid tm in the company. I'm just telling you that every single one of my taxes taken went up. So unless the fed, state and ss all went up 2% on each of there individual level then I got screwed. I'm just telling you the facts, no need to be a clown
 
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Well seeing as how you know everything "stateoftarget" you can say all you want but I am just stating the facts man. I know I am not the highest paid tm in the company. I'm just telling you that every single one of my taxes taken went up. So unless the fed, state and ss all went up 2% on each of there individual level then I got screwed. I'm just telling you the facts, no need to be a clown

No, you not telling the facts. The facts are that there was a 2% change. This can be verified via MSNBC, CNN, Reuters, New York Times, take your pick. It is a 2% change. Period.

You made the claim this 2% change resulted in a $50 change in your pay. I demonstrated that this was impossible using something called math. Those are the facts.

The fact is, 2% of $2500 is $50. You can argue 2+2=8 all you want. 2% of any other number will never equal 50. If you doubt me, consult a 3rd grade teacher.

This is a big part of the reason the country is screwed up politically. People can make claims that are clearly not true and no one will even think about it. I simply thought about your claim and realized that it was absurd.

The saddest thing? You will probably have people rushing to your defense and attacking me claiming that a 2% tax resulted in a $50 change in your $700 (at most) pay check.... even though most 8 years olds could figure out that the arithmetic here doesn't work out.
 
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"The fiscal cliff deal reached by the White House and Senate Republicans wont extend the payroll-tax holiday. The biggest hit to 2013 growth appears likely to come from this tax break’s expiration on Monday.

The workers’ share of the Social Security payroll tax had been lowered by two percentage points for the past two years, to 4.2% from 6.2%, amounting to an annual income boost of $1,000 for a typical U.S. family earning $50,000 a year." Source WSJ
 
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"The fiscal cliff deal reached by the White House and Senate Republicans wont extend the payroll-tax holiday. The biggest hit to 2013 growth appears likely to come from this tax break’s expiration on Monday.

The workers’ share of the Social Security payroll tax had been lowered by two percentage points for the past two years, to 4.2% from 6.2%, amounting to an annual income boost of $1,000 for a typical U.S. family earning $50,000 a year." Source WSJ

You just confirmed what SoT said....

$1,000 works out to $38 per paycheck (assuming 26 pay checks a year).....and 1,000 divided by 50,000 equals 2%. so...for you to have 50 taken out per paycheck, for a grand total of 1300 per year, that means you pull in...(1300 / .02) $65,000/ year...or $2500 per paycheck (65,000 / 26).

So you're still an ETL, since you make that much.

My guess is most here may not be overly sympathetic since most TMs can't live off their paycheck like you do.
 
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The whole point of this thread is the overall impact of this increase. Even though $15 extra a paycheck may not sound like much, over time it adds up. That extra 15 or whatever could have gone towards gas, groceries, other essentials. It doesnt help either with the fact that are benefits are turning to crap. I may not speak for everyone but I dont want government assistance especially with healthcare. And paying more money every month into a social security system that I will probably never use, no thanks.
 
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