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Care2 Asks “With $1000 Less, What Would You Have To Give Up?”

Care2 Asks “With $1000 Less, What Would You Have To Give Up?”

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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75 comments

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11:42AM PST on Dec 23, 2011

I could do two things: stop taking a medication that I need to stay sane; and buy/consume poorer quality food.
Yes, fresh produce and good quality meat are nearly beyond my budget right now. In many cases, buying prepared food instead of making it for myself from scratch is CHEAPER. When I go to the grocery store now, I look for (among other things) how much food a certain item would provide; that is, how long can I stretch it, over a few days maybe, without getting hungry?

11:29PM PST on Dec 22, 2011

I could stop getting my hair cut, patch my shoes, cut down on groceries by making "rock soup", cut down to one shower a week, not sure what else I have left to cut down, since I've been cutting back on spending for several years already. I'm underweight, so I don't think I should be cutting down more on food than I already have. I socialize during coffee break at work, so I don't spend money on going to shows or eating out, or going for coffee, so I don't have any entertainment bills, and don't drink or smoke... I don't spend money on a gym, a car or transit, because I walk everywhere, so that covers my transporation and exercise. I can't think of anything else to cut.

5:03PM PST on Dec 22, 2011

Giving up getting needed new shoes for myself ( still wearing shoes I got when pregnant with my now 4 year old son) and less food to eat!

5:48PM PST on Dec 21, 2011

That's a lot of money to a lot of people now a days and it would devestate my budget.

1:25PM PST on Dec 21, 2011

As you said Mikey, they are only talking about rescinding a meager 2% tax break for the people who need it the most but I bet you would be on here "whining" incessantly" if those temporary tax breaks you now receive were finally recinded like they were supposed to have been years ago... Waht is the percentage of that gift you cling to so badly???

The average Bush tax cut in 2011 for a taxpayer in the richest one percent is greater than the average income of the other 99 percent ($66,384 compared to $58,506).

http://thinkprogress.org/economy/2011/11/23/375654/bush-tax-cut-one-percent/

1:17PM PST on Dec 21, 2011

Debra G
Can we start with getting rid of the "thems" that are on here...please....

1:08PM PST on Dec 21, 2011

Mike C
the Bush Tax cuts are temporary too when are you gonna give up your temporary gifts that you have been receiving for 10 years. You are a hypocritical SOB and that is no "duh"... putz...

12:55PM PST on Dec 21, 2011

First of all, Mike C. Social Security is NOT broke and it can't go broke. Do some research on that. Here, I'll get you started: http://www.ourfuture.org/blog-entry/2010083105/what-social-security-report-says-vs-what-they-tell-you-it-says

I won't mind giving up that tax break if it means the GOP/teapartiers lose big time in November.

Let's remember the people who are really going to suffer: the unemployed.

12:51PM PST on Dec 21, 2011

Mike C
You hypocritical SOB, you want the working peoples tax rates to go back to a previous level, saying they got a year's worth of gift but you cannot stand the thought of the top one percent's tax rate going back to the pre-Bush tax cuts rates after getting 10 years worth of a "gift". Social Security is not broke it has a trust fund that is solvent until the year 2035 but you keep trying to lay out the lies for the people who's boots you lick...

12:31PM PST on Dec 21, 2011

You whiners are so funny, all we are doing is going back to the 2010 tax rate. you got a gift for a year, now the temporary tax cut is temporary, it's not the end of the world. SS is broke.

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