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The Boston Globe

Business

Rise in Social Security taxes saps confidence

Drop in spending threatens growth in first quarter

WASHINGTON — An increase in Social Security taxes is leaving Americans with less take-home pay — and a more negative outlook for the US economy.

The Conference Board said Tuesday that its index of consumer confidence plunged 8.1 points in January from December to 58.6. That is the lowest reading in 14 months and the third straight decline.

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