How Do You Like Your Smaller Paycheck?
Folks who don't love higher taxes to pay for higher government spending are getting a kick out of this Democratic Underground thread that begins by asking:
What happened that my SS withholdings in my paycheck just went up?
My paycheck just went down by an amount that I don't feel comfortable with. I guarantee this decrease will hurt me more than the increase in income taxes will hurt those making over $400,000.
Among the comments are:
I really can't handle the decrease right now. It's not like I am rolling in the money. Really felt like my taxes went up when I opened my paycheck and it was smaller.
Paycheck was smaller? Why, it's almost like everyone's taxes went up and the media forgot to mention it, so busy were they with political horserace coverage.
Of course, not everyone's taxes went up. Nearly all the national political reporters forgot to dig into this but the editorial page of the Wall Street Journal notes that the fiscal cliff bill is a crony capitalist blowout:
In praising Congress's huge new tax increase, President Obama said Tuesday that "millionaires and billionaires" will finally "pay their fair share." That is, unless you are a Nascar track owner, a wind-energy company or the owners of StarKist Tuna, among many others who managed to get their taxes reduced in Congress's New Year celebration. ...
But a special award goes to Chris Dodd, the former Senator who now roams Gucci Gulch lobbying for Hollywood's movie studios. The Senate summary of his tax victory is worth quoting in full: "The bill extends for two years, through 2013, the provision that allows film and television producers to expense the first $15 million of production costs incurred in the United States ($20 million if the costs are incurred in economically depressed areas in the United States)."
You gotta love that "depressed areas" bit. The impoverished impresarios of Brentwood get an extra writeoff if they take their film crews into, say, deepest Flatbush. Is that because they have to pay extra to the caterers from Dean & DeLuca to make the trip? It sure can't be because they hire the jobless locals for the production crew. Those are union jobs, mate, and don't you forget it.
And all that is before we get to "the green-energy giveaways that are also quickly becoming entitlements."
But back to the paychecks. Today, many Americans will open up their paychecks and see that their grocery budgets are a bit smaller.
It might not make a big deal now, but after taxes get raised a couple more times this year the next times we run up against the debt ceiling, I wonder if people will wonder whether spending cuts seem more attractive. Or am I dreaming?
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Comments:
Dec '12
Re: How Do You Like Your Smaller Paycheck?
It's depressing to read the comments at DU.
Privatize and give me my own account. If Washington won't do it, it is not, and never will be, my money. It is "Revenue" (Tax) and I am at the whim of future pols to decide whether or not I deserve reimbursement of my previous paid-in-taxes.
Examples of Chile and privatized pension initiatives worldwide:
http://www.josepinera.com/chile/chile.htm
Mar '11
Re: How Do You Like Your Smaller Paycheck?
It's all Bush's fault, as usual - if he hadn't reduced it, we wouldn't be seeing the increase now.
Actually, this should delay the bankruptcy of Social Security by at least several years - I'm hoping to get some of my money back before I die (forlorn hope).
Aug '12
Re: How Do You Like Your Smaller Paycheck?
The payroll tax going back up *was* a Republican demand for the bill, wasn't it? So why wouldn't people 'blame' the Republicans for it?
Mar '11
Re: How Do You Like Your Smaller Paycheck?
The public will think so. They always seem to, lately.
In a college football context, Auburn fans used to have a joke about the University of Alabama. They'd say "Bear Bryant paid players. The NCAA meted out justice by putting Auburn on probation".
That's kind of where I think we are right now. No matter how badly the Democrats screw up... Obama included... the blame always seems to go to the GOP. I have come to the conclusion that most people are well and truly stupid. Not just misinformed. Not just partisan. But stupid.
Mar '11
Re: How Do You Like Your Smaller Paycheck?
Vance Richards: It sounds like the beginning of a Democrat tax revolt. I can see the letter writing campaign that will follow:
Dear Congressman,
When I said you should raise taxes I thought it was assumed that I meant other people's taxes. Please correct this matter ASAP as higher taxes mean less money to buy stuff, and I like buying stuff.
Sincerely,
Disappointed Taxpayer
PS. The data plan on my Obamaphone is 3G, which is clearly one G less than what I need. Please upgrade. · 43 minutes ago
On the Coffee and Markets podcast yesterday, they discussed how Democrat senators are now trying to get the medical device tax repealed because it hurts THEIR states. Every single one of them supported Obamacare. If money is the grease the lubes Washington, hypocrisy is the nasty foam that emerges from the gears.
Aug '11
Re: How Do You Like Your Smaller Paycheck?
We will lose over $200 per month. Besides hurting us, the only other people this will impact will be our local grocery store, restaurants, etc. We will need to make changes somewhere and that's where it starts. I know that "they" say that we will get it back once we start Social Security but that's over a decade away and somehow I just know it won't be there when it comes time for me to collect it.
Sep '12
Re: How Do You Like Your Smaller Paycheck?
The World's Tiniest Violin for the DU crowd. This is what they enthusiastically voted for (European-style entitlements and the European-style payroll taxes to go with it) and now they're going to get it, good and hard. Or I should say, the only thing standing between them and "getting it good and hard" is a Republican House they so actively despise. The clawback of 2% of the FICA tax is just the beginning. At least this is visible, unlike the hidden tax of Bernanke's Quantitative Easing that will erode everyone's savings.
Edited on January 4, 2013 at 7:09pmMay '10
Re: How Do You Like Your Smaller Paycheck?
Dreaming.
Dec '10
Re: How Do You Like Your Smaller Paycheck?
Did you hear about the guy who paid an Obamacare excise tax on socks and boots at Cabela's (on Tom Sullivan?)? Really. It seems socks and boots fall under some provision which covers anything that assists or aids the body to function. Clothing is apparently Obama's idea of medical device innovation.
Yes, Zafar. The Republicans are the only responsible people in the room, and that's only when they're not drunk or having an adolescent moment. The payroll tax had to go up if we're ever going to pay for Social Security as it currently stands. But, the voters voted for no-change to entitlements and now we're going to have to pay for them. Somehow.
Apr '11
Re: How Do You Like Your Smaller Paycheck?
This is an issue I am going to feel quite a bit. I am getting married and will be seeing another $150 taken from my check each month for her insurance. Add the SS tax hike on top of this and it means leaner times all around.
May '10
Re: How Do You Like Your Smaller Paycheck?
Sisyphus had better odds with the rock.
Sep '11
Re: How Do You Like Your Smaller Paycheck?
I was having fun with this until i got my paycheck just now...it's lower. I've made myself sad.
I made sure everyone in the building is aware of why their checks are lower. There was a general sense of surprised outrage. So maybe you're on to something Mollie.
Edited on January 4, 2013 at 8:54pmJul '12
Re: How Do You Like Your Smaller Paycheck?
Thanks for the quotations.
The original author of the thread deleted their post, causing the thread to be automatically locked.
I'm unsure what to make of that.
Edited on January 4, 2013 at 9:21pmMar '11
Re: How Do You Like Your Smaller Paycheck?
Nick Stuart
Sisyphus had better odds with the rock.
No doubt:
If a Supreme Court decision didn't drive this home it is difficult for me to surmise any argument that will enlighten those incapable of understanding this point.
Mar '11
Re: How Do You Like Your Smaller Paycheck?
Social Security remains constitutional because there is no trust fund and it is not insurance and there is no promise to pay benefits.
Sep '12
Re: How Do You Like Your Smaller Paycheck?
Then why is it called FICA, the "Federal Insurance Contributions Act"? The genius of FDR's program, and later Lyndon Johnson's Medicare, is that it was sold to the public as "insurance," and you're "getting back what you put in." "Insurance" makes it sounds less radical. It's understandable this misconception is rampant--it's been peddled for 70-plus years. Tends to sink in after a while.
Oct '12
Re: How Do You Like Your Smaller Paycheck?
How come the paychecks are reacting already? I thought it would have to at least wait until we've worked a few more days of 2013. . .
Jun '11
Re: How Do You Like Your Smaller Paycheck?
These DU types have no loyalty to the Outfit. They all get their piece and now they whine when we have to take a little more skim?
-- Don Barack
Jul '11
Re: How Do You Like Your Smaller Paycheck?
The Stupids elected Barry. The Stupids are getting what they voted for, which, in some interpretations, might be considered one or more of the following:
1. Karma
2. Payback
3. Comeuppance
4. Well-deserved
5. A lightbulb going off on a previously-dimmed head
If you've honestly been failing to be pay attention to the fiscal negotiations, I can completely understand that. I paid attention, and hated every minute on it. It is maddening. But for those who voted for Big Boy Pants Barry, and thought that the rich would be and could be the only group to get socked, well, then you're an idiot.
America, therefore, does not thank you for your vote. Now go get me my [expletive deleted] latte', Ace.
Mar '11
Re: How Do You Like Your Smaller Paycheck?
Nick Stuart
Sisyphus had better odds with the rock. · 4 hours ago
There were old people protesting Obamacare while holding signs saying "Hands off my Medicare!".
Abandon all hope...