Tags: Congress | Payroll Tax

Democrats Drop Plan to Give Tax Cut to Employers

Monday, 05 Dec 2011 11:41 AM

 


WASHINGTON (AP) — Democratic officials say a new payroll tax cut plan by Senate Democrats drops President Barack Obama's proposal to award the tax cut to employers in addition to every worker who draws a paycheck.

The new plan would retain Obama's proposal to boost the payroll tax cut to 3.1 percentage points from the current 2 percentage point cut that expires at the end of the month.

A Democratic aide also says the Democrats' revamped payroll tax cut plan will contain a modified set of proposals to offset its cost to the Treasury. The Senate is expected to hold a test vote later this week.

Competing Democratic and GOP payroll tax cut plans failed to advance in Senate votes last week.

The officials required anonymity because the proposal hasn't been officially revealed.


© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved