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Notice something different about your paycheck?

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  • Description

    Thanks to the rise in the payroll tax, you might see a lot less cash in your wallet

  • Duration 2:36
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-- does if you just got your first paycheck of the new year you probably didn't like what you saw he noticed that your check from combat.

-- Jenkins reports and what is chipping away at your check.

Probably check your paycheck today.

You might want to -- every American for that matter because it's 2% less and it was last week.

That's right as part of the fiscal cliff that federal tax rose from four point 2% to six point 2% today in -- affects every working American.

It's -- Peter what's all this -- Well the last two years Washington agreed to cut the payroll tax that you pay for.

Fund your Social Security retirement from six point 2% to four point 2%.

So that cost the government about a hundred million dollars a year in revenue so now the government's race that back up well.

That's a hundred billion dollars that is gonna come out of consumers' pockets it was put there to help try to stimulate the economy because of the weak economic recovery.

But now everyone's agreed that we've done for two years that's enough and the economy is growing OK.

So we can we can pull it back.

You can't pull it back without having some consequences the average income for a worker in this country is about 50000 dollars a year or so.

So 2% of that is about a thousand dollars and there's been some independent analysis that shows that this.

This increase in the payroll taxes -- -- cost the average.

Worker about.

800 to a thousand dollars more a year so that's 800 to a thousand dollars less in income about forty dollars a week.

Might be very important to families that are still struggling it.

And college student he just graduated student loans.

And -- every penny -- stressed especially how do you feel about the affected your paycheck is 2% less than it was last week.

-- socks that's terrible that's awful us.

-- -- I think it's.

Pathetic big Packers can't get their act together -- Phil -- -- paycheck being 2% less there was last week.

I'll let you know when I looked at it congress -- down but I'm willing to give -- 2%.

You know and -- to step up and make sure we're taking care -- we need to take care of actually this was paid eight and I haven't seen the statement yet.

-- -- -- -- It's anxiety producing yes.

How do you feel about affected your paycheck is too personal us today than it was last week.

Facts and you know that.

How we elements that you -- to to do this you.

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