I just got my first paycheck that's been hit by the restored payroll tax - we got a 2% reduction a few years ago, but most people didn't seem to realize it, and that provision has elapsed, so we're all paying 2% more from our paychecks again. I objected to the reduction in the first place as it was the first time that the mandatory payroll tax was mucked with. My understanding is it's used to fund social security, which hello, is already a mess - why on earth pay LESS into it? I like Obama a lot but did not approve of this measure.
BUT I figured it wouldn't last forever, and it didn't. So when we got the 2% increase in our take-home checks a few years ago, I increased my retirement savings by 2%. Now that we're paying our full portion of the tax again, I'm going to decrease my retirement savings by that 2% - ordinarily I'd leave it alone, but between paying a bit more for benefits as a remote employee, and having just engaged in a mortgage and all manner of unknown utility payments, I'm happy I can give myself that 2% to work with.
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