Sean Snaith

In Florida, Payroll Tax Means It's Still A Cliff

Jan 3, 2013

Congress' fiscal cliff compromise may have protected Florida's middle class wage earners from a massive income tax increase, but the small tax increase it didn’t address remains a threat to the recovering state economy.

Starting Jan. 1, a two percent payroll tax holiday that President Obama put in place in 2010 expires, meaning that the paycheck deduction that funds Social Security will increase by that same two percent.

CBC Saunders Real Estate/flickr

Consumer confidence in Florida dropped this month, but retailers were busy over the Thanksgiving/Black Friday weekend.

The National Retail Federation says more people went shopping on Black Friday this year than ever before.

University of Central Florida Economist Sean Snaith says shoppers may just be more budget conscious and eager to take advantage of big sales.