The Social Security tax rate is scheduled to revert to 6.2 percent next year, up from the temporary reduction — to 4.2 percent on an employee's first $110,000 in wages — which has been in effect since January 2011. iStockphoto.com hide caption

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President George W. Bush signs tax cut legislation on June 7, 2001. The cuts from this and a subsequent bill are set to expire at the end of 2012. Stephen Jaffe/AFP/Getty Images hide caption

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Josh Walling and Randi Cartmill with their children, Jacqueline, Josh and Ryan. Josh Walling says his family, whose household income is below the national median, would lose a substantial amount of money if the Bush tax cuts expired. Courtesy of Randi Cartmill hide caption

itoggle caption Courtesy of Randi Cartmill