The Senate bill extends a number of tax cuts for businesses but doesn’t extend the payroll tax cut passed in 2011. As a result, the Social Security taxes taken out of your paycheck will go from 4.2% to 6.2%. This applies to everyone who makes more than $400 per year, not $400,000. Even those making minimum wage who pay no income taxes will see their take home pay go down.
The payroll tax cut out of Social Security never should have happened in the first place.