Tuesday, February 21, 2012

Like That Payroll Tax Cut?

Well, it's here. President Obama has signed into law a payroll tax cut for Americans. This cut was spurred on by a weak economy. The President has said that he wanted to help Americans bring home more money monthly. The average increase in take-home pay is approximately $40 per month.

However, what is given away must be paid for. Fannie Mae and Freddie Mac will be collecting this difference beginning April 1, 2012. The charges will be in effect through 2026.

If you're looking at buying a house, then you need to do it now. The average increase for a $200,000 will be approximately $15 per month. That means buying power will decrease slightly for all home buyers.

For more information, check out this LINK.

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