Payroll taxes, going up!

The New York Times reports today that the temporary payroll tax holiday (2% point reduction on the employee's share) will likely expire at the end of 2012. This will result in $95 Billion increased tax revenue and reduced working family paychecks.

From the article:

Independent analysts believe that the expiration of the tax cut could shave as much as a percentage point off economic output in 2013, and cost the economy as many as 1 million jobs. That is because the typical American family had $1,000 in additional income from the lower tax.

I have written about payroll taxes before, and you can find those here:

• Medicare's $90 Trillion (with a T!) Unfunded Liability
• Payroll taxes not covering costs of Medicare.
• Payroll tax cut expiration