Thursday, December 22, 2011

Speaker John Boehner on Thursday accepted a two-month extension of the payroll tax cut

Speaker John Boehner on Thursday accepted a two-month extension of the payroll tax cut.

President Barack Obama immediately congratulated congressional leaders on the deal, while Senate Republican leader Mitch McConnell -- who increased the pressure on Boehner earlier in the day with a call for such an agreement -- said it was a "sigh of relief" for American taxpayers.

Under the deal, the payroll tax assessed American workers will remain at the current 4.2% rate instead of reverting to the 6.2% rate before the cut enacted last year. Without congressional action, the higher rate would have returned on January 1, meaning an average $1,000 tax increase for 160 million Americans.

source: http://www.cnn.com/2011/12/22/politics/congress-payroll-tax-cut/index.html
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