LOCAL REACTION TO PAYROLL TAX INCREASE
The payroll tax holiday is over. For most Americans you can expect to take home less money this year; 2-percent that is. We spoke with some local residents about how they feel about the tax increase. The running joke is that there are two things certain in life: death and taxes. This year congress did not renew the 2 percent payroll tax cut that's been in place for the past 3 years. Social security taxes are now up to 6.2 percent.Certified public accountant, Patrick Shanahan Says that over time that 2% is going to add up and be a substantial amount of money for any individual. But for those who make more than 113,700 will only be taxed up to that amount.