The White House Wants You To Know How Much You'll Lose If The Payroll Tax Cut Expires

After the failure of the super committee and the American Jobs Act, the White House is promising a “laser-like” focus on extending the payroll tax cut by the end of the year.

Without it, President Barack Obama has warned of a $1,000 tax increase for the average family — and up to 1 million jobs lost by the economy as a whole.

To promote the extension, the White House has released a calculator to show how much you will lose out on if the payroll tax cut is not extended — and how much extra you may save if the American Jobs Act is passed.

Here’s the calculator:

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