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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?

BOB I December 23, 2011 at 06:16 PM
maj i think your right but the carrot that obama is dangle is all people seem to see, that 20 bucks will be taxed as income and when s/s need more money they"ll blame bush.
Math Major December 23, 2011 at 07:47 PM
Ian, there really is no need for insults. "Deficit" and "debt" are two different things. We are currently running a deficit each year, meaning we spend more than we take in. The debt is the cumulitive total of all the deficts we've been running. So, if we don't stop our deficits each year, it will take much more than 1000 years to pay off the debt since it will continue to grow.
Kris Wetterland Jr. December 25, 2011 at 09:14 PM
Didn't realize this article mentioned the BCWA
Thomas December 26, 2011 at 01:40 PM
Should be talk about class now or later, I have to say this comment is very classy. Is there where the people with "Class" hang out in a whore house ? If so I am glad I have no class.
Erin December 27, 2011 at 09:19 PM
shop responsibly. support local business. don't support companies or brands that employ sweat shop conditions or child labor. don't support companies that treat their employees badly (WALMART) and are the reason for all the imported goods and lost american jobs in the first place.

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