Poll: What Does $20 Mean To You?
Unless Congress can reach an agreement, federal payroll taxes will increase 2 percent on Jan. 1, costing the average family about $20 a week -- or about $1,000 a year.
The average worker's weekly paycheck could be about $20 lighter beginning in just two weeks if Congress can't come to an agreement on an extension of the middle class payroll tax cut.
House Republicans killed a two-month extension of the payroll tax cut, unemployment benefits and a provision avoiding Medicare payment cuts to doctors Tuesday by a 229-193 vote. The Senate voted Saturday by an 89-10 margin to extend all three for two months. All three provisions expire on Jan. 1.
House Republicans want the Senate to return and negotiate over a compromise plan. Senate Majority Leader Harry Reid (D-Nev.) said he won't negotiate until the House approves the Senate's package.
If Congress can not reach a compromise by Jan. 1, federal payroll taxes will immediately increase by 2 percent. The average family making about $50,000 a year will lose $1,000, about $20 a week. A few years ago, that might not have meant much. But in this economy, it may significantly impact many families.
So we want to know: What would losing $20 a week mean to you?
Share your thoughts in the comment section below and answer today's poll: Should Congress reconsider and approve a payroll tax cut extension?