HiHR CEO and President Matt Delaney was quoted in the Pacific Business News in an article that asks what effects we will see as a result of the end of the temporary payroll tax break expiring along with the new fiscal cliff deal.
Nearly every employee in Hawaii will see their take-home pay take a 2 percent cut, thanks to the payroll tax reductions that expired on Tuesday. The tax package passed by Congress prevents 99 percent of Americans from receiving income tax increases, but the temporary payroll tax breaks were omitted from the fiscal cliff resolution. […]
Hawaii Human Resources President and CEO Matt Delaney agreed the cuts will have an impact on local spending, with the average person earning about $1,000 less per year.
“They’re taking a little more out of their paychecks than they’ve been used to and naturally, I think people will spend less,” he said.
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