Gabriella Hoffmanâ€™s paycheck is a little lighter today, thanks to a payroll tax increase that is forcing millions of Americans to make the kind of tough budget cuts their representatives in Washington lawmakers seem unwilling to tackle.
Hoffman, a 21-year-old Virginian who works at a nonprofit, estimates her paycheck will be roughly $30 less this biweekly pay period, or about $780 annually, thanks to the end of a two-year cut on payroll taxes, which fund Social Security. The tax has risen back up to 6.2 percent from 4.2 percent, costing someone making $50,000 annually about $1,000 per year and a household with two high-paid workers up to $4,500.
â€œAs a newly-graduated person, someone coming straight out of college, I donâ€™t like the idea of having less money coming to me due to the selfish interests of people in Congress who donâ€™t have any interest in reducing our financial problems,â€ Hoffman told FoxNews.com. â€œThis is an impediment for future economic growth. Itâ€™s going to make it harder for young people like myself to get married, find a better job, you name it.â€
Hoffman admits the hike wonâ€™t completely alter her spending, but the University of California-San Diego graduate said she will definitely have it in mind when it comes to leisure activities and entertainment.
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