WASHINGTON- The US House and sSnate reached a bi-partisan deal late Tuesday to undo the fiscal cliff of tax hikes, but the deal did not include desired cuts to federal spending according to Georgia Representatives.
Most of the delegation, including all eight GOP Representatives voted against the take it or leave it ultimatum delivered by the Senate.
Georgia Senator Johnny Isakson who voted in favor of the deal says the compromise bill showcases the absolute worst of Congress.
"The process was an embarrassment to the United States Senate and to Congress. We ought to be doing our business in what we call regular order and until the leadership of the Senate comes back and is willing to do budgets on time by March 15, appropriations bill by October first, we are going to continue having these problems over and over again," Isakson says.
Now, your tax rates are not going up under the fiscal cliff agreement but your paychecks will be smaller, starting with your next pay check.
That's because the two year old payroll tax holiday is over, with the rate going from 4.2% back up to 6.2%.
Bottom line, if you're making about $30,000 a year, you'll pay about $50 more a month in taxes.
If you are earning %50,000 a year, you'll contribute about $1,000 more every year.
The pay roll tax funds Social Security and the lower rate was costing the government $120 billion a year in tax revenue.
WLTZ NBC 38
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