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Guest
At issue is the tax on workers that helps fund the Social Security trust fund.
As part of a budget-cutting deal last December, Obama and Congress negotiated a reduction of 2 percentage points in the payroll tax rate -- from 6.2% to 4.2%.
With the reduced rate expiring on January 1, Obama and Democrats seek to expand the provision by lowering the rate even further -- to 3.1% -- for another year.
The public backs the Democratic position, with polls showing majority support for increasing the tax burden on wealthy Americans.
Most of the Senate's GOP minority opposed the party's own plan to freeze government pay and take other steps to offset the cost.
House Republicans have discussed using the payroll tax extension as leverage to tack on unrelated measures they want.
Republicans are on the defensive due to their history of arguing that tax cuts end up paying for themselves.
The mounting federal deficits dominating the Washington discussion were caused in part by reduced revenue due to tax cuts from the Bush administration.
http://www.cnn.com/2011/12/07/election/2012/congress-payroll-tax-cut/?hpt=hp_t2
As part of a budget-cutting deal last December, Obama and Congress negotiated a reduction of 2 percentage points in the payroll tax rate -- from 6.2% to 4.2%.
With the reduced rate expiring on January 1, Obama and Democrats seek to expand the provision by lowering the rate even further -- to 3.1% -- for another year.
The public backs the Democratic position, with polls showing majority support for increasing the tax burden on wealthy Americans.
Most of the Senate's GOP minority opposed the party's own plan to freeze government pay and take other steps to offset the cost.
House Republicans have discussed using the payroll tax extension as leverage to tack on unrelated measures they want.
Republicans are on the defensive due to their history of arguing that tax cuts end up paying for themselves.
The mounting federal deficits dominating the Washington discussion were caused in part by reduced revenue due to tax cuts from the Bush administration.
http://www.cnn.com/2011/12/07/election/2012/congress-payroll-tax-cut/?hpt=hp_t2