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Released: December 19, 2012
What happens if the payroll tax cut expires
Source: Blake Ellis, CNNMoney.com
As Republicans and Democrats search for a plan to avert a fiscal cliff, it's looking more likely that the payroll tax holiday introduced under President Obama in 2010 won't be extended. Should this benefit expire, 125 million households would see their paychecks shrink, the Tax Policy Center estimates.
That's a far bigger slice of the population than the group of Americans who would be affected by proposed income tax hikes. If taxes are raised on incomes exceeding $250,000, roughly 2.8 million households would be impacted. Meanwhile, a mere 368,000 Americans would feel a tax hit if rates rise on incomes above $1 million.
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