Tax cut expires, more money goes to federal government - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Tax cut expires, more money goes to federal government

MYRTLE BEACH, SC (WMBF) – A national payroll tax cut dating back to 2010 has expired, meaning you may take home less pay, and more of it could go to Uncle Sam.

The cut, signed into law by President Barack Obama, was meant to stimulate spending, by cutting 2% off of Social Security payroll taxes. The tax has gone back up to its original 6.2%, but it's got some political parties reeling.

"The cost of living is continuing to rise, but their incomes have stayed the same," said TEA Party member Janet Spencer, speaking about her two sons. "Now they've got an additional payroll tax before they even get the money."

If you make an annual salary of $50,000, you'd have to give an additional $1,000 back to the government. Spencer says the amount is too high for the middle class, but other taxpayers aren't so convinced.

Taxpayer Joe Cyrek said, "Base pay with a 2% fluctuation plus or minus, I wouldn't notice it." Cyrek says with so many essential expenses taxed already, 2% is negligible.

"I don't even notice a sales tax on things," he said. "Something's $3.99, you pay four and change. What's an additional 2% on your payroll tax? That's change."

Copyright 2013 WMBF News. All rights reserved.

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