America's Post-Cliff Paycheck Pain

Hooray, America pulled back from fiscal cliff! That's great news, right? It might be, if you are President Obama, but the news is certainly more mixed for the working Americans whose paychecks fund D.C.'s continued spending. We normally think of "Tax Day" as April 15, but this week will also hold special tax relevance as it marks the time millions of employees will receive their biweekly paychecks for 2013. That means it is the first time they are seeing more money held back. And it's not just the rich-virtually everyone who pays into the Social Security system will see their checks impacted by an end to the payroll tax "holiday." And working people are noticing."As a newly-graduated person, someone coming straight out of college, I don't like the idea of having less money coming to me due to the selfish interests of people in Congress who don't have any interest in reducing our financial problems," said one young Virginian this week.Fox News reported the trend goes well...(Read Full Post)

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