Taxpayers’ Reactions to Higher Payroll Taxes

Posted on January 14, 2022

Taxpayers’ Reactions to Higher Payroll Taxes

Many American taxpayers have received a payroll check in the new year that seems smaller, forcing them to re-think their spending. Higher payroll taxes have hit. The reality of the sliced paycheck is difficult to digest. Yet, the two-year tax cut, cutting Social Security from 6.2 percent to 4.2 percent, ended in 2012.

Taxpayers are expressing their dislike for higher payroll taxes on social networking sites too. Fox News shared the reactions of taxpayers online:

“The looming hit to Americans’ paychecks has been a hot topic around water coolers nationwide, as well as online, where several forums have been created for taxpayers to commiserate with their lighter wallets. On Twitter, #WhyIsMyPaycheckLessThisWeek has been a trending topic as most U.S. workers have either already seen less green or are preparing to do so.

“Well, looks like we’re starting to pay back all of the money we’ve spent, without cutting back on spending,” one posting read.

Another user cited the need for the U.S. government to “refill the Social Security ‘lockbox’” before stealing from it again as the reason paychecks are smaller. Other postings chose to politicize the end of the tax cut that was part of the fiscal pact passed by Congress last week.

The tax rise is seen as discouragement for those who work hard and make more money. The American youth are vocal about how the new taxes will affect their spending. Young adults do not like paying more to the IRS if they are making more money. Some even see it as a punishment for working hard.

New taxes have brought forth many questions. FoxNews brings up one about Social Security, inquiring about the usefulness of the Social Security system for some:

“For Ryan Ellis, tax policy director at Americans for Tax Reform (ATR), the hike represents a chance for young Americans to take a hard look at Social Security as a whole.

“My hope is that people under the age of 40 will start asking serious questions as to why they’re paying more into a Social Security system that they are increasing unlikely to get the full benefit of,” Ellis told FoxNews.com. “I hope everybody does. It’s not a Republican or Democrat thing.”

As more employees receive their paychecks next month, the debate about taxes will take on a new pitch. It will only be after a while that the effect of taxes in its entirety will be seen. The only surety at the present uncertain times is that nobody is happy with the new taxes.