Suwannee Democrat

Suwannee Democrat

January 15, 2013

Payroll tax hike hits home

Locals share their thoughts on smaller paychecks

Live Oak — A Social Security tax break that was extended to Americans is officially over. The two percent tax break expired in January at the wishes of the US Congress.

Many Americans who received their first paycheck of 2013 will see a rise in their social security tax from 4.2 percent to 6.2 percent.

Individuals earning $30,000 per year will be giving $600 to the government. Those who make $50,000 will receive about $1,000 less than last year. Citizens who make $100,000 will see nearly $2,000 less than last year’s income.

“The increase for me was small,” said James Sutter, employee at North Florida Printing Company. “I’m hopeful that when I get that age that I’ll be able to get Social Security. But who knows, that’s a long time from now.”

The cut in Social Security tax was made a couple of years ago as an economic stimulus effort to put more money back in the pockets of spenders. In the midst of unstable gas prices and the cost of living constantly rising, more government taxes is a hard pill to swallow.

“I don’t think it’s right,” said Sylvia Newell, a self-employed realtor. “It’s outrageous. And they’re thinking about raising the age of Social Security eligibility. I just think it’s wrong.”

The increase in Social Security tax came as a result of the fiscal cliff.

“I knew it was inevitable. I knew it was coming,” Irvin Dees said. “With the way our Congress is, they have a hard time working things out. It’s a shame but that’s the way it is.”

 

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