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What if taxes go up and no one notices?
At the start of 2013, most American workers faced a 2 percent cut in their take-home pay, as the 2011-2012 Social Security payroll tax holiday came to an end. Conventional wisdom tells us that the public revolts when taxes go up. But in this case, not only did public outrage fail to materialize, but they seemed to not even notice the increase. Compared to past payroll tax increases, this was an extraordinarily large and sudden one. For example, from 1980 to 1990, the rate was raised gradually by a total of 2.24 percentage points; in no year did the rate rise by more than 0.72 percentage points, or just over one-third of the 2013 increase….Read More
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