Payroll Tax Bills Set to Collide

GOP, Democrats push different versions of extension of payroll tax cut.

U.S. House Speaker John Boehner and Senate Majority Leader Harry Reid are poised for a collision next week of their bids to extend or expand a payroll tax cut for workers.

House Republicans rallied yesterday behind a plan Boehner is preparing that would pair an extension of the current payroll tax cut with eased restrictions on some industrial emissions and expedited approval of an oil pipeline from Canada. Reid is focused on expanding cuts to the worker payroll tax and enacting a surtax on annual income exceeding $1 million to pay for it.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.