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Mon Dec 12, 2011, 06:58 PM

Democratic Payroll Tax Position Hardens [View all]

Democratic leaders in the U.S. Senate are hardening their opposition to a House Republican measure that would extend the payroll tax cut for workers while restructuring unemployment compensation and speeding approval of a Canadian oil pipeline.

Senator Richard Durbin of Illinois, the chamber’s No. 2 Democrat, said lawmakers must cover the cost of extending a payroll tax cut for workers with new revenue. Republicans have blocked Democratic proposals in the Senate to pay for the payroll tax cut by imposing a surtax on income exceeding $1 million a year.

“If we do pay for it, it’s going to be paid for with a revenue source, such as the millionaire’s tax,” Durbin said in an interview today. “It’s not going to be paid for with spending cuts.”

Durbin’s comments underscore the differences that exist between congressional leaders over how to extend the payroll tax cut. If Congress doesn’t act by Dec. 31, employees will begin paying a 6.2 percent tax on their first $110,100 in wages in January, up from 4.2 percent this year.

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http://www.bloomberg.com/news/2011-12-12/payroll-tax-cut-extension-measure-sets-up-dueling-votes-in-u-s-congress.html

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Purveyor Dec 2011 OP
russspeakeasy Dec 2011 #1