The New Years Eve fiscal cliff deal fails to address this expiring tax break, which is seperate from the Bush tax break renewal. In this economy, we cannot afford to take a hit like this to our income. Families wil suffer by taking home 2% less per week, many whom are living week to week.
Starting Tuesday when the payroll tax break expires, around 160 million American workers will bring home less money with every paycheck. For workers earning $50,000 in annual salary, that means $80 a month slashed from take-home pay. That's nearly $1,000 for the year. Another way to think about it: It adds up to one less bag of groceries each week. Any correction to this overlooked issue should be retroactive back to 1 January 2013.



