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Payroll tax cut expiration leaves Americans with less income

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    James Rosen reports from Washington, D.C.

  • Duration 2:36
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Washington's last minute fiscal deal might have saved America's middle class from an income tax hike.

But with the expiration of the payroll tax holiday a lot of Americans are still getting smaller paychecks.

As a New Year's present.

Chief Washington correspondent James Rosen has that live from DC James.

John good day to you to quote Neil Young it wasn't supposed to go down this way after all that holiday season wrangling -- -- President Obama in the house and senate leaders we were told it was the wealthy who -- gonna pay more.

Their fair share as President Obama insisted wealthy was ultimately define down to mean individuals earning over 400000 a year and couples earning over 450.

Their income taxes will go up.

But the nonpartisan Tax Policy Center reminds us that a cut he enjoyed for the past two years in the payroll taxes expiring so.

If you're making just twenty to 30000 a year your tax bill will on average increase by about 300 bucks.

And on it goes up the tax bracket food chains such that.

Those clearing 75 to a 100000 a year we'll see an average increase of 12100 dollars in -- -- -- -- thirteen tax bill.

And those earning between two and 500000.

-- fork over an average of nearly three grand more at the world's largest drive in restaurant the varsity serving Atlanta since 1928.

We found some folks taking this news with a relative equanimity and others well not.

Now but I'd go to -- and -- -- Lose about 600 dollars.

How did you make sure that I cut -- my expenses.

-- -- -- -- -- -- -- About my brother loved to have gold futures solves the emissions problem of deficits.

-- -- -- -- They come and check out a little -- not quite and I'm not happy with that but I'm gonna happen on live weather.

But one these congressmen come up for reelection when he Ford today and do my best to put somebody else in office.

In all seven 7% of American households will see their federal taxes increase and when he thirteen one factor helping to drive up tax bills.

Even for folks in lower tax brackets Obama care.

Follow me on Twitter at James Rosen -- and -- And a list a few of the ways in which the patient protection and Affordable Care Act as -- sorts of Cologne line.

Could hike your bills -- and Beatles expert that I know you are I was surprised to hear you quoting Neil young and not something from tax man.

The day is young.

I half after an accurate and -- thank you.

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