Thank You Obama - Not!

Thank You Obama - Not!

Posted in the Utica Forum

Truth

New York Mills, NY

#1 Feb 15, 2013
Payroll Tax

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-Mart’s 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-Mart’s 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 company’s executive vice president of global sourcing, saying:“We need to ‘stop the stupid.’”

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Utica Discussions

Title Updated Last By Comments
Pay to Play Cuomo 2 min McLaughlin 1
Comets cecelie and rob 6 min utica truth 18
Places for tomato pie? 9 min utica truth 26
The End for Mohawk Valley EDGE? 10 min Uh huh 40
jaks in barneveld (Jul '14) 19 min Booby 87
Utica loves refugees 34 min eddie 3
The U P D cover-up 35 min Toilet Face UPD 88
teddy talerico good hes dead 2 hr Pleasant people 45
Tenney 4 hr wire 85
Talk of the Town 6 hr Tito 26

Utica Jobs

More from around the web

Personal Finance

Utica Mortgages