NM to see social security tax increase

ALBUQUERQUE (KRQE) — President Obama is expected to sign a bill that will keep across-the-board tax hikes from hitting taxpayer’s wallets, but most people are still going to see less take-home pay.
All workers can expect to pay two percent more in social security taxes this year.
That's because the measure passed by congress does not extend the social security tax cut that we've had the past two years.
So the payroll tax will rise from 4.2 percent to 6.2 percent. 
People making $50,000 a year will see about a thousand dollars more out their paycheck.

“One way to offset some of this is to continue to fund your retirement accounts...that's one way to decrease your liabilities,” financial planner, Brian Cochran, said.
It is estimated that 77 percent of American households will face these higher federal taxes in 2013 under this agreement
That tax increase went into effect Tuesday.
It is expected to bring in about $120 billion in revenue each year.

Copyright 2014 KRQE TV. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Political Pulse

Did you like this article? Vote it up or down! And don't forget to add your comments below!

Like It
Don't Like It


We welcome your thoughtful comments. Be the first to participate in the discussion. All comments will display your username and avatar.


Add a Comment

Sign in or join now to post a comment. All comments will display your username and avatar.


New Mexico (change)

New Mexico is located in the southwestern region of the U.S. Inhabited by Native American populations for many centuries, New Mexico has also been part of Imperial Spain, part of Mexico, and a U.S. territory.
Offices & Officials

Governor: Susana Martinez
Lieutenant Governor: John Sanchez
Attorney General: Gary King
Secretary of State: Dianna J. Durán

Contacting the White House and Congress

Click the links below to get in touch with your elected officials.