Take VO: Enjoy your final 2011 paychecks. They might not be as big next year if Congress doesn't approve an extension of the payroll tax holiday.
This year, workers have had 4 point 2 percent of their pay taken out for Social Security. That tax rate is scheduled to return to 6 point 2 percent on New Year's Day 2012.
The Obama administration says the lower tax rate means that on average each worker gets about a thousand dollars or more a year.
While most Republicans and Democrats agree that the lower tax is a good thing, they disagree on where that extra money will come from.
Take SOT: Kay Bell, Tax Editor, Bankrate.com (1:20-1:47)
"The Democrats want to tax millionaires. They want to put a 3.25% surtax on people who make more than a million dollars. And the Republicans are holding firm to their no-new-taxes pledge, so they've offered other ways to pay for, which include: reducing federal employees and cutting down on some federal employee benefits, changing Medicare - changing the Medicare program slightly."
Since 2012 is an election year, they'll probably find a compromise, but not until the very last minute.
To keep up to date on this and other tax matters, visit Bankrate.com. I'm Kay Bell.