According to the IRS, the Social Security Wage base for 2013 is projected to be $113,700. This represents an increase of $3,600 from 2012 Tax Year.

Further it is estimated to increase to $117,900 for 2014 and $123,000 for 2015!

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The Conference Board statement cites for January's drastic drop in consumer confidence. The tumble in consumer confidence is being blamed on the lower totals American workers are seeing on their paychecks since the beginning of the year. That decrease is due to the increased Social Security taxes that resulted from the deal cut by Congress and the White House to prevent the “fiscal cliff” from raising the income tax liabilities of most Americans. Part of that compromise was a temporary increase in Social Security taxes. Article resource: Social Security Taxes.