Middle class households fear expiration of payroll tax cut

December 4, 2012 4:15 PM

If the payroll tax cut is not extended at the end of the year, families making $50,000 would pay $1,035 a year more in Social Security taxes. Jim Axelrod reports on how cutting the payroll tax cut will force some middle class American families to do without some of the basics.

Obama on "fiscal cliff": I'm happy to be flexible

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