January 11, 2013 3 Comments
Earlier this week, I was interviewed by FoxNews.com reporter Joshua Rhett Miller about the payroll tax hike and its effects on Americans. Today my thoughts were published in this article, “Millions noticing paychecks lighter today, due to payroll tax hike,” which is the number one trending story on FoxNews.com right now.
As a recent college graduate and newly employed young person, I will see roughly $700-800 of my paycheck going to the government this year. Why should I – someone who maintains a job and contributes to society – surrender so much of my hard-earned money in taxes? Why should anyone with a job be punished with more taxes?
Here are my thoughts from the article:
Gabriella Hoffman’s paycheck is a little lighter today, thanks to a payroll tax increase that is forcing millions of Americans to make the kind of tough budget cuts their representatives in Washington lawmakers seem unwilling to tackle.
Hoffman, a 21-year-old Virginian who works at a nonprofit, estimates her paycheck will be roughly $30 less this biweekly pay period, or about $780 annually, thanks to the end of a two-year cut on payroll taxes, which fund Social Security. The tax has risen back up to 6.2 percent from 4.2 percent, costing someone making $50,000 annually about $1,000 per year and a household with two high-paid workers up to $4,500.
“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,” Hoffman told FoxNews.com. “This is an impediment for future economic growth. It’s going to make it harder for young people like myself to get married, find a better job, you name it.”
Hoffman admits the hike won’t completely alter her spending, but the University of California-San Diego graduate said she will definitely have it in mind when it comes to leisure activities and entertainment.
“Although it’s a small quantity on a monthly basis, just having less money going into my paycheck will prevent me from doing things and force me to be more frugal,” she said. “I’ll be more cautious with my spending.”
Hoffman, meanwhile, said she already has all the answers she needs.
“Any tax increase is not good for young people,” she said. “What it does is diminish your hard work and you’re slapped on the wrist. This administration is punishing people who are making money. They don’t like the concept of free enterprise. They think these problems will be solved in Washington by taking away more of people’s incomes.”
The article was featured as the Drudge Report headline from Friday evening till Saturday afternoon.