You may recall the payroll tax cut extensions; which were extended temporarily through February 2012, back in December 2011. When we last reported to you about the payroll tax cut extension; President Obama was set to reject the Keystone XL pipeline deal, that Republicans were attempting to include along with the payroll tax extensions bill.
The payroll tax cut extensions are scheduled to expire in two weeks. If they do expire, a total of 160 million people will be affected; with respect to their pay checks. The passing of the extensions will allow the average American earning $50,000 per year, to keep $80 a month.
Now it’s being reported that Congress is gearing up to approve the payroll tax cut extensions through the end of the year. We will continue to follow up with the developments of the payroll tax cut extensions and report any new changes that take place.