Thank You Obama - Not!
Posted in the Utica Forum
#1 Feb 15, 2013
When a payroll-tax break expired Dec. 31, Americans began paying 2 percentage points more in Social Security taxes on their first $113,700 in wages. For a person making $40,000 a year, that is about $15 a week.
The extra tax bite is about equal to a year of car insurance for a family making $30,000 or a basket of groceries per month for a family making $50,000, according to Wal-Marts analysis.
Other retailers who court low-income Americans also are bracing for the rising taxes.
Higher payroll taxes go against our customers wallet, Family Dollar Chief Executive Officer Howard Levine said on a Jan. 3 conference call.Clearly, they do not have as much for discretionary purchases than they did.
Wal-Marts Geiger in his e-mail urged employees to improve business by fixing something that could really make a difference to our performance. He quoted Tim Yatsko, the companys executive vice president of global sourcing, saying:We need to stop the stupid.
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