By Daniel Wagner, AP Business Writer
WASHINGTON — 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. They are avoiding small luxuries like restaurant meals and fashion items. And they’re reconsidering major new purchases. Wherever people chose to cut back, those companies would feel the pinch.
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