Baker, Dean - Center for Economic and Policy Research (CEPR) - 2014
expected that one as large as the 2013 rise in the Social Security tax would lead to considerable anger, especially given the … payroll tax holiday that had been put in place at the start of 2011 ended in December of 2012, leading to a jump in the Social … Security tax from 10.4 percent to 12.4 percent of earnings up to the taxable limit. This was an extraordinarily large increase …