By now you’ve read my posts and others lamenting the expiration of the payroll tax holiday. As a reminder this was implemented at the beginning of 2011 as a way to put more money back in the hands of everyday Americans. Although many of us intended to save the 2% extra in our paychecks, the reality of the past 2 years forced many to put that money to work towards their debt or regular purchases as evidenced by recently released New York Fed research.
This Friday, January 11 will be the first time that many citizens will realize that their taxes did go up as a result of the recent government fiscal dealings. Thus, I’m declaring this Friday to be an official day of mourning for the lovely payroll tax holiday. Use the hashtag #payrolltaxmourning on Twitter to share your pain.
I’m not here to point fingers at either party. They both failed to include it in their final plans. I just miss the money and so will the stores I used to frequent.