President Obama focused on the soon-to-expire payroll tax cut during this week’s presidential address. The payroll tax cut implemented last year is scheduled to expire at the end of the month and unless it is extended, millions of Americans will pay more in taxes in 2012 than they did in 2011. The two percent payroll tax break provided the average middle class family with an additional $1,000 this year. Unless Congress acts, taxes will go up and families will have to say goodbye to this extra bit of cash next year.
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