Novermber 22, 2011
The followng is an excerpt from an e-mail sent out by U.S. Vice President Joe Bident:
"Good afternoon,
I'll cut to the chase: If Congress doesn't act soon, middle-class Americans will see their taxes go up starting on January 1st, taking almost $1,000 out of the pockets of a typical family next year.
Last year, President Obama and members of both parties in Congress cut the payroll tax for 155 million workers, putting money in your pockets. Now, that tax cut is expiring. So in September, the President and I proposed extending that tax cut and cutting your taxes even further: giving the typical family a $1,500 tax cut. Steps like this won't just help families feel more secure in their budgets, it'll give them more money to spend at local businesses that will hire more people and make investments in new equipment too.
We thought the extension would win bipartisan support again. How could Republicans in Congress, some of whom have pledged not to raise taxes by a penny, oppose extending the same tax cuts they just passed? But after years of protecting expensive tax cuts for the wealthiest Americans, many Republicans now say we should let this middle-class tax cut expire.
There's a lot at stake here for you and your family, and the better folks understand how much more they may have to pay, the easier it will be to get Congress to do the right thing. We've put together a calculator to show how much of your money hangs in the balance."
