Heinbockel estimated that consumers’ household incomes could realize negative impacts of $54 billion to $180 billion from the lapsing of the payroll tax holiday and unemployment benefits during 2012. The tax holiday provided consumers with around $126 billion in tax money normally withheld for Social Security benefits in 2011. If Congress fails to extend the credit, 120 million households would feel the impact. Retailers in the meantime would see no new benefit if the tax is ...
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