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Workers See First Tax Hikes of the Year

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  • Description

    FBN’s Gerri Willis on the increase in the payroll tax.

  • Duration 2:08
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This transcript is automatically generated

And math -- glad the fiscal -- -- over.

Well I have to tell you there's more the same to come.

More congressional wrangling likely -- more name calling likely more pushing the decision making to the 24 hour and be odd.

Here's the calendar of events coming up sequestration.

This is the 600 billion in tax cuts largely hitting the Defense Department.

Congress was supposed to decide what to do about the looming acts but it hasn't done anything at all except kicked the can down the road for another two months.

Expect that conversation to kick into gear late next month.

And then there's the debt ceiling -- her re Democrats want permission to spend more money.

In March congress says you know has the constitutional authority to set our debt ceiling and has agreed to raise it.

Watch for a big fight as Republicans try to institute some sort of fiscal cents on Capitol Hill but Democrats resist.

Those -- the big events but there is another one that happened today that congress didn't pass a resolution to recognize that happened.

You probably already know what about the payroll tax has expired and if you get your first paycheck today since the fiscal -- well horrible -- -- Because you may be shocked by the nearly 50% increase in the tax.

The Social Security withholding tax reset to six point 2% from four point 2%.

For middle class American family earning 50000 dollars that means at least an 800 dollar tax hike may be as much as a thousand bucks.

If this is the first shot over the bow in terms of tax hikes it's not going over too well.

Here's what you're saying on Twitter today Flynn writes this hey damaged if you're asking why is my paycheck let this week it's because -- got what you ask for -- it.

Another says this -- my paycheck -- this week because Obama loves to penalize the makers and re distribute to the takers.

It gets worse -- -- on and on -- on my prediction here.

If there is no attempt to curb federal spending.

We will have to raise taxes and again and again and again on you and me and everybody else.

That's going to be the new normal.

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