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42% of Middle Incomes Hit by Payroll Cut

Financial Security Index Charts 42% Of Middle Income Hit By Payroll CutDespite fears that the payroll tax cut expiration would slow down the mighty consumer, most working Americans say they didn't notice an extra 2% coming out of their paychecks at the beginning of January, according to Bankrate's March 2013 Financial Security Index.Though 55% of Americans were unaware of, or unaffected by, the 2% hit to their paycheck, the survey found 30% say they did cut back on their spending as a result of the tax cut expiring.Additionally, 8% of Americans said they put less money into savings as a result of the payroll tax while 3% said they scaled back their retirement contributions.Watch Greg McBride's analysis of the poll results. .The 2% payroll tax cut originally began in 2011 as a result of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. It reduced Social Security tax withholding from 6.2% to 4.2% of wages paid, the Internal Revenue Service reports. Now ...

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  1. A Sliver of Hope in Sandy-Ravaged Towns as Businesses Pull Together

    She flattened towns, reduced homes to rubble, flooded tunnels, destroyed railways, blew transformers, displaced families and shattered lives.But Hurricane Sandy has ...

  2. Sandy Cancels 'Daily Show,' Other Tapings

    Due to Hurricane Sandy, Monday night's tapings of Comedy Central's "The Daily Show with Jon Stewart" and "The Colbert Report" have been canceled, the network said. T...

  3. Study: D.C. Uncertainty Costs Americans 2.3M Jobs

    Wayne Rogers & Co. chairman Wayne Rogers on uncertainty's impact on business and the election.

  4. Obama Getting Flack for “Not Optimal” Comments

    Republican strategist Jeff Ballabon on the comments made by President Obama surrounding the attacks in Libya.

  5. Romney’s Calls to Rein in Government Spending

    FBN’s Lou Dobbs on Romney’s calls to cut spending in an effort to reduce the debt.

  6. What’s Government Doing During Election Season?

    FNC’s Mike Emanuel breaks down what’s happening on the Hill while the election battles continue.

  7. O’Reilly: Romney Has to Channel Reagan

    FNC’s Bill O’Reilly on the upcoming debate and his new book, “Killing Kennedy”.

  8. Did Lack of Freedom Lead to Violence in Middle East?

    FOX News Legal Analyst Tamara Holder and ABC Radio’s Bernard McGuirk discuss growing violence against the U.S. in the Middle East.

  9. Hollywood Pitching ObamaCare?

    Author Jason Mattera on the PR effort on behalf of California’s government to put a favorable light on the president’ health-care law.

  10. U.S. Household Income Falls for Fourth-Straight Year

    The Heritage Foundation’s Robert Rector on problems facing the middle class in the current economy.

  11. Americans Look to Comedians for Serious News

    FNC’s Greg Gutfeld on the blend of comedy and news in today’s media.

  12. In Marketing, 'Contagious' Is a Good Thing

    Viral MarketingTens of thousands of views, shares or retweets aren't enough to make your message a viral marketing success story. Marketing isn't about noise. It's a...

  1. Sequester Impact Overblown?

    FNC's Juan Williams gives insight on the impact of sequestration.

  2. Who Was the Oscars’ Best-Dressed Celeb?

    FOX News legal analyst Lis Wiehl and Deirdre Imus discuss the fashion of the Academy Awards.

  3. Is America’s Rising Debt a National Security Issue?

    Former U.S. Ambassador to the U.N. John Bolton on the consequences of the U.S. government’s rising debt.

  4. Three Ways the GOP Can Get the Youth Vote

    Republican strategist Kristen Soltis Anderson on how the Republican Party can update its message.

  5. Gore’s Media Tour: Hypocritical Much?

    FBN’s Dennis Kneale on Al Gore’s new book and media tour after his controversial sale of Current TV to Al-Jazeera.

  6. Will More Laws Decrease Gun Violence?

    New York Magazine’s Frank Rich on the battle over increased gun legislation.

  7. Mortgage Rates Remain Deadlocked

    Mortgage rates were unchanged this week as investors hedged their election bets.The benchmark 30-year fixed-rate mortgage was unchanged at 3.57%, according to the Ba...

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