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Tax issues sock personal incomes in U.S., Texas
Economy
Published in 4-3-2014
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Personal income dropped 1.2 percent nationwide during the first quarter which ended March 31 -and dipped 0.9 percent in Texas during that same period - largely because of a couple of unusual tax-related circumstances, the U.S. Bureau of Economic Analysis reported Friday. The holiday - in which employees saw their portion of Social Security taxes cut from 6.2 percent to 4.2 percent during 2011 and 2012, which boosted their take-home pay - was an effort by the government to jump-start the then lagging economy. [...] many companies accelerated the payment of bonuses and stock dividends in anticipation of higher individual income tax rates in 2013.