Payroll tax cut expires as part of “fiscal cliff” deal

Economy

Payroll tax cut expires as part of “fiscal cliff” deal

Posted: Updated:

(CBS) – When you get your paycheck on Friday, you may do a double-take at your new take home pay. Millions of Americans will see their paychecks go down after Congressional leaders allowed the payroll tax cut to expire at the beginning of the year.

Under the bipartisan fiscal cliff bill, the payroll tax cut was allowed to expire. President Barack Obama had originally asked for the payroll tax cut to be extended, but Congressional Republicans opposed the measure which served as a fiscal stimulus.

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