According to a recent New York Federal Reserve study, most Americans plan to cut spending to make up for income lost from the payroll tax hike. In last week's CI CyberNews CyberPoll, we asked readers if they plan to reduce their household spending this year due to the payroll tax rise. The majority of respondents (66.7%) said yes, while the remaining respondents (33.3%) said no.
One reader commented, "Everything is getting more expensive; gasoline, food, utilities, insurance premiums, etc. We're trying to reduce spending, but with these cost increases in many areas, it's very difficult."
Other comments included:
"Unlike the federal gov't we have not choice but to cut spending."
"What other choice is there? If more is going to taxes, there is less for spending."
"It's either reduce spending, or put more on credit cards....do the math."
Are you interested in taking the industry’s pulse on a particular topic? Send your suggestions for CyberPoll questions to Kelsey Seidler at email@example.com.
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