The holiday may be over. A two-year, 2 percent cut in the federal payroll taxes that fund Social Security and Medicare is set to expire. The tax break put $717 into the pockets of the average American worker this year.
Congress approved the cut, and could act to extend it. While the tax holiday put more money into workers’ hands during tough economic times, it also added to the deficit -- $101 billion in 2012 alone.
Check out our infographic for more details. See “What Do Others Say?” and add to the discussion below. Is it time to end the tax holiday?
