If there is no extension of the payroll tax holiday by the end of the year, many Americans will see their take home pay decrease an average of $1000 a year.
For many of the country’s highest paid executives, $1000 is utterly meaningless. According to new research, multiple CEO’s make 100, 200, yes, even 1700 times as much as an average worker in the same company. For many executives, $1000 is anywhere from 0.22 percent to 0.01 percent of their annual pay. They earn that in mere hours, or even minutes.
But for most Americans, $1000 is a real, tangible amount, and money that is desperately needed and counted on. Without it coming in anymore, something in the budget will have to give.
We don’t have a lot of luxuries in our home, but one thing we do allow is a $100 a month restaurant budget — $1200 a year. That would likely be gone without an extension, affecting other businesses and employees throughout our area.
What would you end up cutting if the payroll tax isn’t extended, and if you do, do you believe it would have an impact on the rest of the economy? Let us know in the comments.
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