Speak Out: Are Payroll Tax Increases Impacting You Yet?

Thanks to a payroll tax holiday expiring, we're all seeing a little less in our paychecks these days. 

For the past two years, the payroll tax had been set at 4.2 percent, but it has now returned to 6.2 percent. 

According to the Tax Policy Center in Washington, the tax will cost the average worker $700 annually. 

This tax applies to everyone and it's making some fiscal analysts concerned about its impact on both saving and shopping. 

TIME has an interesting look on the tax's potential impact not only on savings and retirement, but also on national growth. 

For people who live paycheck to paycheck, the impact of the tax could be quite significant. 

I've just gotten to the point where there's some money left over at the end of every month, so this could definitely impact what I'm putting away towards large purchases and retirement. 

Have you felt the impact of the reduced pay yet? Will the increased taxes affect your spending this year? Or will you be saving less as a result?