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Taxes to jump for 163 million workers next year

President Barack Obama isn't talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election.

By Stephen Ohlemacher | Updated on October 22, 2012
Republican vice presidential candidate, Rep. Rep. Paul Ryan, R-Wis. (AP Photo/Eric Gay, File)

WASHINGTON (AP) — President Barack Obama isn’t talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election.

A temporary reduction in Social Security payroll taxes is due to expire at the end of the year and hardly anyone in Washington is pushing to extend it. Neither Obama nor Romney has proposed an extension, and it probably wouldn’t get through Congress anyway, with lawmakers in both parties down on the idea.

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