Actually it is worse than that.  But first to the story (or non-story for the MSM).  All hail savior Obama!  Restorer of the Middle Class tax cut! The problem is he restored nothing.  He did not raise that tax.  But he did raise another - that of course the media is ignoring.  The Payroll tax. The payroll tax cut was 2%, until Obama raised the tax.  But it really is a lot more. When they cut income taxes X%, you do not see an increase in your paycheck ...