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7/29/2019 campaign fails as US workers payrol
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- The Daily Caller - http://dailycaller.com -
White House online #My2K campaign fails as US workers payroll
taxes increase
Posted By Betsi Fores On 11:37 PM 01/06/2013 @ 11:37 PM In Daily Caller News
Foundation,Politics,US,Yahoo! Linkbox | No Comments
A two-year-old payroll tax holiday expired in the fiscal cliff deal Congress make with President
Barack Obama last week, resulting in tax hikes for middle-income families averaging $2,000 during
2013. This was despite President Obamas #My2K social media campaign, waged to prevent such a
tax increase on middle-class workers.
Tell members of Congress what a $2,000 tax hike would mean to you, the president said in
November. Call your members of Congress. Write them an email. Post it on their Facebook walls.
Employees portions of federal payroll taxes will increase from 4.2 percent to 6.2 percent on their
first $113,700 of taxable income, in order to fund Social Security. The income cutoff for the payroll
tax in 2012 was $110,100.
The biggest hit wil affect individual workers who earn at least that much. Their take-home pay in2013 will be $2,425 less than last year and twice as much for high-income married couples.
This means that if your annual wages are $100,000,explained accountant Rusty Helms of the
Indianapolis firm J.R. Helms & Associates, you will see $2,000 less in your net pay than in 2012.
[A] family with both parents working and earning less than a combined $250,000 could see a
decrease in available spending money of $4,850 from this change alone.
NPR correspondent John Ystdie said Jan. 1 that on average, workers will get around $960 less in
take-home pay because the payroll tax holiday hasnt been extended.
President Obama did not mention the restoration of older higher payroll tax rates when he
hailed the fiscal cliff deal before resuming his vacation in Hawaii.
I want to thank all the leaders of the House and Senate,Obama said. Under this law, more than98 percent of Americans and 97 percent of small businesses will not see their income taxes go up.
But a Tax Policy Center report found that 77 percent of American households will see an increase in
their federal tax burden after higher payroll taxes are factored in.
The result of this renewed tax has economists concerned about a possible economic contraction as
workers have less take home pay.
It would pull money out of peoples wallets, and for a lot of folks, that really matters, Tax Policy
Center senior fellow Roberton Williams told CNN.
The #My2K hashtag appeared on Twitter in late November.
The White House website featured many Americans personal tweets. #My2k is keeping this house
and keeping it warm for my growing family this winter; My2k means food on table, co-pays at
the Drs office, gas in the car & our kids extra activities; and #My2k means I wont have to choose
between life-saving meds or food.
Obamas most recent tweets focused on the fiscal cliff deal: This law is just one step in the broader
effort to strengthen our economy and broaden opportunity for everybody.
Follow Betsi on Twitter
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7/29/2019 campaign fails as US workers payrol
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Article printed from The Daily Caller: http://dailycaller.com
URL to article: http://dailycaller.com/2013/01/06/white-house-online-my2k-campaign-fails-
as-us-workers-payroll-taxes-increase/
Copyright 2011 Daily Caller. All rights reserved.
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