If you are still recovering from the payroll tax hike that took effect January 1, you are not alone. A study release this week by the New York Federal Reserve shows that consumers intend to cut spending due to the payroll tax hikes.  The amount of spending that Americans plan to reduce rises as the average income goes down.  Saving money and reducing debt are likely to go on the back burner as well due to the loss of income from higher payroll taxes.

For more read, “Payroll tax hike prompts spending cuts.”