Taxes to Increase for 163 Million Starting 2013

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A temporary cut in the Social Security payroll tax is set to expire at the end of this year.

That means no matter who is elected president on Nov. 6, taxes will go up next year for 163 million American workers.

Someone making $50,000 saved $1,000 a year under the tax rollback, a little more than $19 per week.

The tax cut was in effect for two years, but hardly anyone in Washington is pushing to extend it. Neither President Obama nor Republican challenger Mitt Romney has proposed an extension.

Even if they did, there is little support in Congress for an extension of the tax cut.

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