Changes in paychecks being felt from 'Fiscal Cliff' - KOTA Territory News

Changes in paychecks being felt from 'Fiscal Cliff'

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Last minute actions by Congress may have pulled us off the Fiscal Cliff, but changes are still being felt.

Rick Kahler with Kahler Financial Group says changes won't be noticed when filing taxes this spring, but effects can already be seen in paychecks.

He says while they didn't raise income taxes for 98 percent of Americans, payroll taxes were raised for 100 percent.

Kahler says the Social Security Payroll Tax was increased by nearly 50 percent.

"Actually 77 percent of Americans will find that their taxes go up, so while they didn't raise income taxes on 98 percent of Americans, they did raise payroll taxes on 100 percent of Americans," says Kahler.

Kahler says the Social Security increase raises twice as much money as the taxes on the wealthy contained in the bill.

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