Wednesday, December 21, 2011
Holiday Showdown Over Payroll Taxes Continues
Lawmakers and the White House appear locked in a stalemate that could drag all the way into the last week of the year. House Republicans killed a Senate passed two-month extension of expiring social security tax cuts late yesterday. They are demanding the Senate return from its holiday recess to negotiate a year long measure that would paying for the tax cuts with an extended federal pay freeze among other cuts. If legislation isn't passed by January first, payroll taxes will go up by almost $20 a week for the average worker. Almost 2 million people could lose unemployment benefits and doctors would bear big cuts in Medicare payments.
at 12/21/2011 04:45:00 PM