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WZTV FOX 17 - Top Stories
Grand Old Golf, Games and Gokarts has plenty of college students like Rex Walker working part time.
Like most part-time workers Walker didn't pay much attention to the Fiscal Cliff Debate.
That changed when he got his paycheck Wednesday.
"I could tell it was a little bit lower than usual," said Walker. "I got the calculator on to calculate my hours to see exactly if I missed something a little bit."
Rex didn't miss anything.
His paycheck is smaller because the amount we all pay for Social Security just jumped 2%.
Nashville CPA Kevin Hickman says that Social Security hike is just the beginning.
Some deductions for college tuition are going away along with the deduction many Tennesseans use for sales taxes.
"Every client we had used that itemized used it," said Hickman. "It's gonna be disappointing a lot of people were keeping up with receipts I bought a car this year."
Some people will be paying higher taxes too.
The fiscal cliff deal raises some income taxes on singles making over
$400,000 and couples making $450,000.
The capital gains tax is also rising 5%.
"Depending on the circumstances it could be a substantial additional tax," said Hickman.
Walker isn't worried about that tax yet but his paycheck is proof even part-time employees are seeing less money this year.
Like most part-time workers Walker didn't pay much attention to the Fiscal Cliff Debate.
That changed when he got his paycheck Wednesday.
"I could tell it was a little bit lower than usual," said Walker. "I got the calculator on to calculate my hours to see exactly if I missed something a little bit."
Rex didn't miss anything.
His paycheck is smaller because the amount we all pay for Social Security just jumped 2%.
Nashville CPA Kevin Hickman says that Social Security hike is just the beginning.
Some deductions for college tuition are going away along with the deduction many Tennesseans use for sales taxes.
"Every client we had used that itemized used it," said Hickman. "It's gonna be disappointing a lot of people were keeping up with receipts I bought a car this year."
Some people will be paying higher taxes too.
The fiscal cliff deal raises some income taxes on singles making over
$400,000 and couples making $450,000.
The capital gains tax is also rising 5%.
"Depending on the circumstances it could be a substantial additional tax," said Hickman.
Walker isn't worried about that tax yet but his paycheck is proof even part-time employees are seeing less money this year.
Wednesday, January 2 2013, 10:48 PM CST
Tennessee News
House passes 2-year moratorium on dam barriers
May 21, 2013 19:12 GMT
FRANKFORT, Ky. (AP) -- The U.S. House has passed legislation that would put a two-year moratorium on an Army Corps of Engineers plan to erect barriers to prevent people from fishing below dams on the Cumberland River.
U.S. Rep. Ed Whitfield heralded final passage of the Freedom to Fish Act on Tuesday. Whitfield was a leading proponent of the measure in the House.
The bill, introduced by Sen. Lamar Alexander, R-Tenn., was co-sponsored by Sens. Rand Paul and Mitch McConnell of Kentucky and Bob Corker of Tennessee.
Whitfield said the bill thwarts, at least temporarily, an effort to "take away some of the best fishing in Kentucky." Passage of the measure, Whitfield said, allows time to work out a permanent solution.
The measure now goes to President Barack Obama for consideration.
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