Why Congress Must Extend the Payroll Tax Cut Through 2012

For a family making about $50,000 a year, the payroll tax cut amounts to about $1,000 a year, or about $40 in every paycheck. In December, we asked America to tell us what losing $40 per paycheck would mean for their family, and the answers came from across the country — from students trying to stretch the budget a little bit further. From moms who need to buy their children lunch every day in the school cafeteria. And from commuters who are filling up the tank and looking at rising gas prices. Using twitter, email and Facebook, they told us clearly that $40 can make all the difference in the world.

Ultimately, thanks to these stories, Congress did the right thing and passed a two-month extension of the tax cut and unemployment insurance – but only after a drawn-out debate that put the strength of our economy and the security of middle class families at risk. Now that extension is about to expire.