I like to think of it as more than just $40 a paycheck - rather, nearly $1,000 a year. That's a lot of money. From the White House:
On Thursday at the White House, the President will continue to urge House Republicans to do what’s right for the American people by allowing a vote on the short term bipartisan compromise passed by almost the entire Senate, which is the only option to ensure that 160 million Americans don’t see a holiday tax hike in just 10 days and to give Congress the time needed to work out a full year extension. If Congress fails to extend the payroll tax cut, the typical family making $50,000 a year will have about $40 less to spend or save with each paycheck. As a part of the President’s push to get Congress to act, the White House has launched an effort to have average Americans make their voices heard in this debate by asking them to share what $40 a paycheck means to them on www.whitehouse.gov/40dollars and on Twitter at #40dollars. The response has been overwhelming, with more than 25,000 people sending responses from every state in the country so far. At Thursday’s event, the President will discuss what’s at stake for the American people, and will be joined by Americans who would see their taxes go up if the House Republicans fail to act, including some of those Americans who have responded to this call to illustrate what $40 means to them.