Residents React To Payroll Tax Increase
JACKSON, Tenn. - Leaders in Washington may have come to an agreement on the fiscal cliff but some people in the Hub City are not happy with the decision.
"They shouldn't have made a deal because giving unemployment for another year kind a gives everybody the feeling that, 'okay, I will find a job but I don't have to worry about this," said Kathy Bachman.
Though the fiscal cliff deal was approved in time, most Americans will see more money coming out of their paychecks because of a payroll tax increase, which is around $500 for families making between $40,000 to $50,000.
A change that has some thinking more about what to do with their money.
"Me and my fiance we're definitely going to budget more. We talked about it today. I believe its actually going to give America some discipline," said Carlisa Jenkins.
Jenkins say she was just happy that they made a deal in time.
"At the end of the day when you are a leader, you have to make decisions. It might happen last-minute it might take long terms and the decision had to be made," said Jenkins.
High income households will also see an increase. Families making between $500,000 and $1 million will see a tax increase of $14,000 in 2013.