Thank you to bama for the following ...
December 4, 2011Compromise On Payroll Tax Cut Extension Coming On Monday, Democratic Senator Says
Sen. Kent Conrad, the chairman of the Senate Budget Committee, said on Fox News Sunday today that Sen. Harry Reid will offer a compromise proposal on Monday to extend the payroll tax cut into next year.
Democrats and Republicans rejected each others plans in dueling votes on Thursday night. Republicans wanted to extend a federal pay freeze, while Democrats wanted a surtax on incomes over $1 million to pay for the extension.Both parties say the question of extending the tax is not a question of whether, but of how to pay for it.
Conrad promised that "It will be paid for, it will be in a way that is credible and serious," saying he discussed the proposal with Reid yesterday.
He added that the Reid plan will be "serious attempt to move this ball forward because we should not have a tax increase on the middle income.
That just makes no sense in this economy."The extension of the tax cut is seen as vital for the economy by economists on both sides of the aisle, and allowing it to lapse would mean the average American family would see a $1,000 tax increase next year.
Read more: link
No comments:
Post a Comment