Higher Tax Rate Means Lower Paycheck
By: Alexandra Sutter WMBD/WYZZ
Updated: January 7, 2013
PEORIA - If you received a paycheck last week, it may be a little smaller than what you're used to.
The federal government is taking two percent more out of your check as the temporary two year social security tax holiday, which lowered your taxes by two percent for two years, was not extended.
For all workers, that tax rate is jumping from 4.2% to 6.2%.
Local workers said they're not happy with the loss.
Judy Sunderland said, "I'm not happy with it that's for sure. It's unfortunate that more and more money has to go to the government and we seem to see less and less service from the government. So I'm not very happy about the whole situation with the government today.
Tom Feldman said, "I think about not only me but the other people that are in the middle class that are working and I know it's going to be a strain."
On average, if you make about $30,000 every year, you stand to lose about $50 more per month.
