Two percent (2%) doesn’t sound like a lot. It’s two cents out of a dollar. Heck, to some folks, it’s a rounding error and they don’t even bother picking up the pennies on the floor.
But I’ll bet a lot of people who are getting their first paycheck of the new year today are finding out just how much two percent is, because that’s how much the payroll tax went up on January 1 thanks to the Fiscal Whatever deal. I found out this morning when I checked my bank account and saw the difference between the last check of last year and the one today.
I get it why it happened. We need the revenue, and I agree with Justice Oliver Wendell Holmes: taxes are the price we pay for civilization. But the likelihood that my landlord and my creditors are going to knock two percent off my debts just because the kids in the Klown Kar in Congress hate the black guy is very slim.