What 40 dollars a paycheck means to you
The White House re-launched the “what 40 dollars mean to you” campaign. President Obama asked Americans to share personal stories of what losing $40 per paycheck would mean to average middle-class citizens, who have benefited from the payroll tax holiday.
Last week, I was one of the lucky few invited to hear from families who responded to Mr. Obama’s request. During the briefing, the administration featured stories of ordinary Americans who have been helped by the payroll tax cut. One local businessman shared how if $40 is taken out – he would have to make a difficult decision to either buy gas to get to work or to eliminate his internet connection. Either choice would comprise his small business.
In a briefing room with policy advocates, in which Voices for America’s Children was the only national child advocacy present, President Obama made the clear case that failing to extend the payroll task cut would cost a family making $50,000 a year about $40 from each paycheck. The tax cut, meant to stimulate the still sputtering economy, is due to expire this month, in effect raising workers' taxes. You can learn more about the issue in the Voices’ recent issue of Speaking Out.
Now with an agreement on extending the payroll tax cut, I can’t help but think about what the loss of $40 would feel like in the District--families not being able to buy gas or groceries and struggling to pay utility bills during the cold winter months. Just thinking about the tough choices parents and families have to make gives me chills.
Tell us, how would $40 less a pay check affect you?