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U.S. consumer confidence plunges on higher taxes

By The Associated Press

This article was published January 29, 2013 at 9:21 a.m.

— U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.

The Conference Board said Tuesday that its consumer confidence index dropped to 58.6 in January. That’s down from a reading of 66.7 in December and the lowest since November 2011.

Conference Board economist Lynn Franco said the tax increase was a key reason confidence tumbled and made Americans less optimistic about the next six months.

Congress and the White House reached a deal Jan. 1 to prevent income taxes from rising on most Americans. But they allowed a temporary cut in Social Security taxes to expire. For a worker earning $50,000 a year, take-home pay will shrink this year by about $1,000.

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Displaying 1 - 9 of 9 total comments

jetjohn says... January 29, 2013 at 2:03 p.m.

They have to raise the taxes to ACCOMMODATE the 11 MILLION ILLEGAL UNEDUCATED ALIENS!!! This country is going to hell in a handbasket!

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lazybar says... January 29, 2013 at 2:18 p.m.

told ya

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RonalFos says... January 29, 2013 at 2:22 p.m.

What baloney! This change back to the previous Social Security tax rate has absolutely nothing to do with aliens of any type. The original tax deduction on SS is something Obama forced on Republicans to keep the Bush tax cuts. He should have probably fought to keep them this time but if he had Republicans would have fought him just like they did the first time.

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NoUserName says... January 29, 2013 at 2:27 p.m.

Another idiot who thinks every problem in this country is due to illegals. Must have missed the ADG article that indicated the state makes $7 for every $1 spent on hispanics.

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Walter says... January 29, 2013 at 2:45 p.m.

Just keep voting for the Democratic PARTY.

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Packman says... January 29, 2013 at 2:47 p.m.

Wow, who would have ever seen this coming? I mean, who in their right mind would have thought consumers would spend less when the government ripped away take home pay by re-instating the payroll tax? But I forget. BH Obama and his minions are not in their right minds. Are you Obamabots ashamed yet?

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cliffcarson says... January 29, 2013 at 5:29 p.m.

OK lets run a little poll.
How many think this article was written by a lost Republican?
What could have been, what might have bee, didn't - because Obama pulled the Economy up by its bootstraps.

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DontDrinkDatKoolAid says... January 30, 2013 at 1:01 a.m.

GDP is ?

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