Your paycheck is about to take a dive. The culprit: Payroll tax relief is set expire at the end of the year and Congress is unlikely to extend it, The New York Times reported on Monday.
On average, middle-income families have enjoyed around $1,000 in additional income from the payroll tax cut this year. The temporary tax cut lowered workers' tax rates from 6.2 percent to 4.2 percent on wages up to $110,000. The result was to give Americans a few extra bucks of spending money each month, a move that the government had hoped would stimulate the economy.
