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Continue reading "Just Released: The New York Fed Staff Forecast—May 2013" »
Continue reading "Foreign Borrowing in the Euro Area Periphery: The End Is Near" »
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18th century Scotsman, credited by some historians as being “the father of inflation.” Law turned gambling IOUs into “gold counters,” then state debts into paper money, and finally sold all France down the river on the “Mississippi Bubble.”
Basit Zafar, Max Livingston, and Wilbert van der Klaauw
The payroll tax cut, which was in place during all of 2011 and 2012, reduced Social Security and Medicare taxes withheld from workers’ paychecks by 2 percent. This tax cut affected nearly 155 million workers in the United States, and put an additional $1,000 a year in the pocket of an average household earning $50,000. As part of the “fiscal cliff” negotiations, Congress allowed the 2011-12 payroll tax cut to expire at the end of 2012, and the higher income that workers had grown accustomed to was gone. In this post, we explore the implications of the payroll tax increase for U.S. workers.
Continue reading "My Two (Per)cents: How Are American Workers Dealing with the Payroll Tax Hike?" »
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