Payroll tax break set to expire New Year's Day

By: Helen Headlee Email
By: Helen Headlee Email

Regardless of what fiscal deal lawmakers pass it appears the 2 percent break on payroll taxes will expire for nearly all Americans.

That would bring the Social Security payroll tax up from a little over 4 percent to 6.2 percent.

Ardmore Residents sounded off.

"I think that they should cut back on the spending and worry about that more than trying to get more to spend," said Billy Bryant, Ardmore resident and taxpayer.

That tax break has been in place for the last two years.It means, if it lapses -- for anyone who makes less than $110,000 -- your payroll taxes will go up by 2 percent which means anywhere from $300 up to $2,200 out of your pocket this year.

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