Payroll Tax Survey

A survey from Bankrate.com shows 48% of working Americans has not noticed those higher payroll taxes that began January 1 and another 7% say they have been unaffected. Bankrate’s Greg McBride gives details.  “Very few people say that they are actually putting less money into savings because of the expiration of the payroll tax cut, just 8%.” Households with above median income were most likely to make cut backs, adds McBride.  “30% of households did say that they have cut back on their spending and it was highest among households that have above median income, households with income of $50,000 to $75,000, they did notice; they had the highest propensity to have cut back on their spending as a result.” Those surveyed that were most inclined to either have not notice it and least likely to have cut back on their spending due to higher payroll taxes were lower income households.