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FISC: Payroll tax hike can have impact
The take-home pay for all workers will drop a bit, because the two percent cut in social security payroll taxes expires, and some people will feel it more than others.
That's according to FISC financial counselor Alan Prahl. He says the additional money let people "living close to the edge" buy necessities like groceries and gas.
Prahl says with the loss of some take-home pay, the working poor will have to prioritize basic needs.
The payroll tax cut took effect in 2010, as a temporary way to help stimulate the economy. An extension wasn't included in the so-called "fiscal cliff" deal.
That's according to FISC financial counselor Alan Prahl. He says the additional money let people "living close to the edge" buy necessities like groceries and gas.
Prahl says with the loss of some take-home pay, the working poor will have to prioritize basic needs.
The payroll tax cut took effect in 2010, as a temporary way to help stimulate the economy. An extension wasn't included in the so-called "fiscal cliff" deal.
posted : January, 3rd by WHBY
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