An occasional series, Fiscal Cliff Notes breaks down the looming “fiscal cliff” of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.
If you work, you’ve probably been getting this tax break: Since January 2011, the government has knocked 2 percentage points off the payroll tax.
For someone making $50,000 a year, the payroll tax holiday works out to about $20 a week.
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