Local Residents React to Payroll Tax Increase

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Friday, January 4, 2013 - 10:35am

Now that the fiscal cliff bill has been passed, most Americans will see less earnings in their paychecks because of the payroll tax going up from 4.2% to 6.2%. Political leaders say one of the reasons for the increase is the Social Security Payroll Tax Holiday has expired and was not part of the fiscal cliff bill. The federal government and all businesses will have to readjust the taxing rate, which will take a few weeks, on employee's paychecks to the new rate.

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