Payroll tax cut no gift horse

While we did get a 2 percent cut in payroll taxes (for employees, not employers), the Federal Income Tax Withholding rates went up also because of the laspe in the stimulus cut.

In my case, on my most recent 2011 payday (tomorrow), my FITW went up by 11.7 percent, but my deduction for Federal Social Security Tax went down by 32 percent (in dollar amounts deducted).

Overall my net pay has increased 1.3 percent (though after increasing my 401(k) deduction by 2 percent, my take home pay is actually less than last year, but that was my choice, not the government's).

Woohoo. I'm singing all the way to the bank. Just think how much this will stimulate the economy. Nada. Zip. Zilch. Zero.