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Article posted: 3/3/2013 4:09 PM

Payroll tax hike: Killer whale or red herring?

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Companies are rushing to describe the impact of higher Social Security taxes that took effect in January. Cash-strapped shoppers are spending less, many U.S. firms warned in earnings announcements over the past few weeks. And where ever people chose to cut back, those companies would feel the pinch.

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Companies are rushing to describe the impact of higher Social Security taxes that took effect in January. They paint a bleak picture. Cash-strapped shoppers are spending less, many U.S. firms warned in earnings announcements over the past few weeks.