On the heels of our report about Tax Hikes in Greece having the unintended consequences of REDUCING overall revenue, the New York Times is reporting similar consequences to the Payroll Tax Hikes here in the US.
But, but, but if we raise taxes on the wealthy, won’t that solve all of our problems?
Yeah right – and we’ve got ocean front property in Oklahoma to sell you too.
Jack Andrews and his wife no longer enjoy what they call date night, their once-a-month outing to the movies and a steak dinner at Logan’s Roadhouse in Augusta, Ga. In Harlem, Eddie Phillips’s life insurance payment will have to wait a few more weeks. And Jessica Price is buying cheaper food near her home in Orlando, Fla., even though she worries it may not be as healthy.
Like millions of other Americans, they are feeling the bite from the sharp increase in payroll taxes that took effect at the beginning of January. There are growing signs that the broader economy is suffering, too.
Read more at: http://www.nytimes.com/2013/02/08/business/restored-payroll-tax-pinches-those-with-the-smallest-checks.html?hp&_r=1&