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Story Archives: Solons: Social Security tax hike will impact state
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Solons: Social Security tax hike will impact state
State lawmakers who represent Ouachita Parish say the tax increases approved by the Congress earlier this week will have a negative impact on the state.
At the heart of the issue locally is an increase in Social Security taxes paid by employees. Levied at 6.2 percent for years, the tax was cut to 4.2 percent three years ago to put more money in workers' pockets in hopes of it leading to more spending in the U.S. economy. The tax returns to the 6.2-percent rate immediately.
State Sen. Mike Walsworth said though the increase in Social Security taxes was small, it will be felt.
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