Tags: Congress | Payroll Tax

Senate Rejects Democratic, GOP Payroll Tax Plans

Thursday, 08 Dec 2011 03:47 PM

 

WASHINGTON — The Senate has rejected rival Democratic and Republicans plans for extending the Social Security payroll tax cut for another year, as the partisan battle over a cornerstone of President Barack Obama's jobs plan continued.

The Senate turned aside the GOP package by 76-22. Minutes earlier, the Democratic package was derailed after senators voted 50-48 — 10 votes short of the 60 needed for passage.

The payroll tax was cut to 4.2 percent for this year, but it returns to its normal 6.2 percent on Jan. 1.

The Democratic bill would have cut the tax to 3.1 percent this year, paid for largely with an extra tax on millionaires.

The GOP proposal would have left the tax at 4.2 percent next year, financed mostly with federal workforce cuts.

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