US consumer confidence plunges on higher taxes

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Associated Press

Posted on January 29, 2013 at 10:02 AM

Updated Tuesday, Jan 29 at 10:02 AM

WASHINGTON (AP) — U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.

The Conference Board says its consumer confidence index dropped to 58.6 in January. That's down from a reading of 66.7 in December and the lowest since November 2011.

Conference Board economist Lynn Franco says consumers were more pessimistic about the economic outlook and their financial situation now that Social Security payroll taxes increased at the beginning of the year.

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