in fact trump s own doing. there was a report from politico that the trump administration put pressure on the irs to change the withholding rate. before the midterm. stephen, many people are taken to social media. i saw it on social media, what are people complaining about? a lot of people are complaining they are owing money and not getting a big refund and they re not happy about this. could it end up backfiring for trump and the gop. if you don t feel it and not enough to make a difference in your life every single day and you are not getting this big refund or what you are getting the last time, could it backfire? well, no. look, i think people are very happy with the direction of the economy, people like their paychec paychecks. katherine is right. one of the impacts of the tax cuts was not just lower tax but to revive the company and create
claims in several states where governments were closed for the holidays. that means the department likely will revise those numbers later. a sluggish day on wall street not doing much for 401(k). the s&p lost three points. this comes one day after the fiscal cliff deal sparked the dow s more than a year. while congress may have averted the fiscal cliff for now it still won t keep taxes going up for the majority of americans. analysts say 77% of us are about to it see our paychecks shrink. william la jeunesse payroll taxes are going up. some will see the difference tomorrow paycheck f.i.c.a. deductions which represent your payments into social security and medicare. the new increase effects the withholding rate on payroll taxes which increases to
you re paid every other week. however, the irs has not yet told employers what the withholding rate should be so the first nibbles at the paycheck as a result of the lapsing of those so-called bush tax cuts probably won t be felt until your second, third or fourth paycheck of the year but what it means is less money in your paycheck soon. business confidence, consumer confidence. what s been the affect on those two things as a result of all of this? down. yesterday we got news that consumer sentiment has fallen off a very sharply in the month of december. as these financial talks have hit a snag. basically, a stand still. and companies, we talked to dozens of ceos here every day, really hundreds every week an all of them say that if we don t know what the rules of the road are, why reason earth would we invest in our businesses, why on earth hire new people? if we don t know what the ultimate costs are going to be.
to the state highway patrolman, a driver noticed a vehicle and was looking around and looked at the rear-view mirrors and didn t see it, but slammed into the bus, and the state highway patrol was right behind her and she did not see it in time. that is what they are saying, but the ntsb is sending their own team of investigators. thank you, brian. lisa sylvester is monitoring other top store aies in the situation room. what is going on? well, there is a toll on social security, and with the stress of fewer people contributing due to unemployment, the system will pay out more than it takes in this year and next year and it is the first time that payments are exceeding revenues since the 1970s and that crisis was fix d by increasing the withholding rate. and tough time for the postal service, because it is reporting