Families could pay $3,500 more in taxes

A grim analysis came out on Monday said the average family will pay thousands of dollars more in taxes come January -- unless Congress takes action.

The tax policy center says the average household would pay $3,500 more per year, if Congress doesn't extend tax cuts.

Temporary tax cuts put in place since 2001 are set to expire in January. That includes income tax and payroll taxes.

Congress could extend some or all of the tax cuts, but a decision is not expected until after the November elections.