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The termination of the payroll tax holiday at the start of the year will cost Americans $125 billion in taxes in 2013, reports Bloomberg.

At the start of the year, the two year holiday expired, causing the payroll tax, which is used to fund Social Security, to increase from 4.3% to 6.2%.

 

Read the full article from Bloomberg here.

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Last modified on Sunday, 19 May 2013
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