GOP May OK Payroll Tax Increase

Sunday, 21 Aug 2011 08:56 AM

 

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WASHINGTON (AP) — Congressional Republicans want to raise your taxes.

Impossible, right? GOP lawmakers are so strongly anti-tax, surely they will fight to prevent a payroll tax increase on virtually every wage-earner starting Jan. 1, right?

Apparently not.

Many of the same Republicans who fought so hard to keep the Bush-era income tax cuts from expiring on schedule are now saying the temporary payroll tax cut should end as planned.

Workers normally pay 6.2 percent of their wages toward a tax designated for Social Security. Their employer pays an equal amount.

Last year, Congress approved President Barack Obama's request to reduce the workers' share to 4.2 percent for one year. Obama wants Congress to extend the reduction for an additional year.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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