$5 Dollar Gas Hits California - VIDEOSubmitted by emalvini on Sun, 02/17/2013 - 21:43
$5 Dollar Gas Hits California - VIDEO
The government in 2011 had temporarily lowered the payroll tax rate for the first $113,700 of annual earnings in an effort to keep more cash in the pockets of Americans and provide a boost to the economy.
Now, workers earning the national average salary of $41,000 are receiving about $60 less on every monthly paycheck.
CNNMoney map: Gas spending and prices by state
Many Americans are also worried that the federal aid programs they rely on are on the chopping block. Next month, lawmakers will face off against the so-called "sequester," which will slash $85 billion from federal agencies over seven months.
By some estimates, up to 1 million jobs will be lost even as millions of federal workers will be furloughed and a bevy of programs and services across the government will be curtailed.