Residents React To Payroll Tax Increase
This video is no longer available.
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.
