flu wrote:…but they

[livinincali]

[quote=flu]…but they promised they wouldn’t raise taxes for anyone but the rich….Oh wait, payroll taxes are going back up…Uh oh…. Too damn bad….

Told ya…It wasn’t gonna be just the rich that are paying for this….Long term it’s coming out of the middle class…what’s left of it….

http://money.cnn.com/2013/01/02/smallbusiness/fiscal-cliff-payroll-taxes/index.html?hpt=hp_t1

But hey, it’s just like an extra 2% in payroll taxes for everyone. Not a big deal..I’m glad everyone has to pay for something to support this sort of government spending…
[/quote]

The 2% increase is going to bring in far more money than the tax hikes on the rich. It’s about $120+ billion per year while the tax hikes on the rich are expected to bring in about $600 billion over 10 years. I wonder how long wall street stays in a jolly mood before it realizes how weak this can kick was.