The first attempts to prevent a payroll tax cut from expiring Dec. 31 fell short in the U.S. Senate, even as House Speaker John Boehner expressed confidence that Congress would extend the tax break and unemployment benefits.
"There is enough common ground between where the White House and Democrats are and where Republicans are for us to move this legislation and to do so quickly," Boehner told reporters yesterday.
Many lawmakers from both parties agree that Congress should extend the 2 percentage point cut in the payroll tax and expanded unemployment insurance into 2012 to prevent workers from getting smaller paychecks. They disagree on how to cover the cost. The payroll tax cut extension would prevent the government from collecting $119.6 billion.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
