At the end of this month, a two-month extension of the payroll tax cut will expire. If Congress doesn't act, taxes will go up on 160 million hardworking Americans.
For a family making about $50,000 a year, the payroll tax cut amounts to about $1,000 a year, or about $40 in every paycheck. When the payroll tax cut was initially set to expire last December, we asked Americans to tell us what that $40 meant to them and their family. People all over the country responded, using email, Twitter, and Facebook, to tell us that $40 makes all the difference in the world for a family trying to stretch their already tight budget a little bit further.
These are some of their stories:
"My husband works for the Connecticut Army National Guard and I am a Registered Nurse caring for hospice patients we have three children. We live paycheck to paycheck in part due to almost 1000.00 a month student loans" --- Diane from Connecticut
"$40 per paycheck means that I can take my 4 year old to the doctor when she gets sick ($25 copay), and maybe afford a prescription. Since I get paid biweekly as a Federal Government employee, the $40 comes from the second ." ---- Colleen from Florida
Thanks to the voices of Patricia, Diane, Colleen, and thousands of others, Congress did the right thing and renewed the payroll tax cut for two more months late last year. But that extension will expire at the end of February unless lawmakers stop this tax hike on the middle class. Your voices are needed again. Tell us what $40 means to you. What will you and your family have to give up if Congress doesn't act?