Senator Questions Extension of Tax Cut

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as chris matthews said on hardball today, 'they only oppose it because Obama thought of it'




WASHINGTON — The No. 2 Senate Republican, Jon Kyl, expressed concern on Sunday about President Obama’s proposal to continue a reduction in the Social Security payroll tax and questioned whether the tax cut had fostered the creation of jobs, as Democrats say.

Mr. Kyl’s comments offered a preview of a fight looming in the Senate, which plans to vote this week on the proposal to extend the payroll tax “holiday” enacted last December.

A one-year extension would cost more than $110 billion, the Congressional Budget Office estimates. Senate Democrats want to offset the cost by increasing the tax on income over $1 million a year.

Mr. Obama says that if Congress does not extend the tax cut, “the typical family’s taxes will go up $1,000 next year.” As a result, he said, consumers will spend less, businesses will sell less and hire fewer workers, and the economy will suffer.

http://www.nytimes.com/2011/11/28/us/politics/senator-q...