| What is the impact on the Payroll Tax as a result of the possible Tax Law Changes in 2013?
It appears that the "taxpayers will have to say goodbye to the 2% payroll tax reduction." This means a $40,000 salary could incur $800 more in taxes assuming that Congress allows this tax reduction to expire as part of the Congressional deal to Balance the Budget.
Clearly, this is a regressive tax, and will affect the consumer spending and may potentially contribute to slowing of the economy leading some experts to predict another recession in 2013!
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