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A new year brings new tax hikes

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MONROE, La. (KNOE 8 News) - Get ready to see less of your hard-earned dollars this year, that's according to the Tax Policy Center in Washington D.C. Locally, some don't mind at all.

"I feel good, that means there will be Social Security when I get old enough for it," Barbara Barnes said.

Barnes agrees with lawmakers on Capitol Hill not renewing the payroll tax package. Last year, Americans coughed up less money for Social Security. This year, that's all about to change. One Monroe man is giving the move a thumbs down.

"I think Congress is so out of touch with what the American people really need and want," one resident, who wanted to remain nameless, said. Budget experts say nearly every worker is facing a tax hike.

The Policy Center believes households making between $40,000 to $50,000. They're looking at losing about $570 this year. Families with $50,000 to $75,000. They can say good-bye to more than $800.

"Complications like this is bankrupting the country, it's wiping out the middle class," that resident continued to say.

In Tuesday's fiscal cliff deal, Congress gave the stamp of approval on most of the Bush Era Tax Cuts. That gives breaks to people making less than $400,000 a year or couples making less than $450,000.

But with the fiscal cliff scare, that would've brought more tax hikes, locals are hoping for a change.

"Quit worrying about the people who pay your way into Congress and all that. Start thinking about people who live in your home district," Barnes said,

Last year, according to the Tax Policy Center, on average, families saved about a $1,000 with the payroll tax cuts.

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