Senate Democrats Eye 3.25% Millionaire Tax Linked to Payroll Cut
Monday, 28 November 2011 01:48 PM EST
Democrats in the U.S. Senate are proposing to use a 3.25 percent tax on income over $1 million to pay for extending and expanding a payroll tax cut, said Senate Majority Leader Harry Reid.
If Congress doesn’t act, a 2 percentage-point cut in the payroll tax for workers will expire Dec. 31.
The Democrats’ proposal would cut the 6.2 percent Social Security portion of the payroll tax in half for workers and would also cut the employer portion in half for most companies.
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Democrats in the U.S. Senate are proposing to use a 3.25 percent tax on income over $1 million to pay for extending and expanding a payroll tax cut, said Senate Majority Leader Harry Reid.If Congress doesn t act, a 2 percentage-point cut in the payroll tax for workers will...
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Monday, 28 November 2011 01:48 PM
2011-48-28
Monday, 28 November 2011 01:48 PM