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Americans see major dip in income

Daniel Gutierrez

Americans see major dip in income

By Daniel Gutierrez. CREATED Mar 1, 2013

2013 is making a lot of people feel poor. That's because Americans saw their income drop in January. 

In fact, the decline was so dramatic, it marked the deepest one-month decline in 20 years. Personal income went down by more than $500 billion. That's a 3.6 percent decrease from December.

One reason for the big drop is the payroll tax cut expired at the end of 2012. So most workers are now paying two percentage points more in taxes.