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| posted on 2/15/2012 at 09:14 AM|
|LOL...why don't they reduce the contribution limit to 401K's from $17,000 to $12,000 and call that a tax cut? The only thing Democrats and Republicans agree on is election year politics run amok.|
February 15, 2012 at 1:00 am
Tentative deal struck on renewing payroll tax cut
By Detroit News staff and wire reports 0Comments Washington — House-Senate talks on renewing a payroll tax cut that delivers about $20 a week to the average worker yielded a tentative agreement Tuesday, with lawmakers hopeful of unveiling the pact today and sending the measure to President Barack Obama as early as this week.
Under the outlines of the emerging agreement, a 2 percentage-point cut in the Social Security payroll tax would be extended through the end of the year, with the nearly $100 billion cost added to the deficit. Jobless benefits for the long-term unemployed would be renewed as well, with the $30 billion or so cost paid for, in part, through auctioning broadcast spectrum to wireless companies and requiring federal workers to contribute more toward their pensions.
The payroll tax cut and renewing jobless benefits were key planks in Obama's jobs program, which was announced in September.
The payroll tax cut benefits 160 million Americans and delivers a tax cut of about $20 a week for a typical worker making $50,000 a year. People making a $100,000 salary would get a $2,000 tax cut.
The deal would not only be a win for Obama but would take the payroll tax fight — which put Republicans on the defensive — off the table for the fall election campaign.
On Monday, House Republicans, announced they were offering to extend the tax cuts again and no longer insisting on finding savings to offset the cost.
Republicans had been in a tough spot as a conference committee led by Rep. Dave Camp, R-Midland, struggled to come to agreement on a new bill. House Republicans bore the blame for Congress's near-failure in December to extend payroll tax cuts.
In Michigan, about 85,000 people would be affected by June if unemployment isn't extended. Some would lose benefits immediately because state benefits have been reduced, said Sen. Debbie Stabenow, D-Lansing.
"As our state turns the corner and begins to see signs of economic recovery, we cannot forget the thousands of workers who are still struggling and looking for work,"Stabenow said.
We'd all like to vote for the best man, but he's never a candidate.
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