President Obama and Congressional Democrats push for an extension of the payroll tax holiday, offset with a millionaire surtax

by Colonel on November 28, 2011

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“President Obama heads to Scranton on Wednesday to begin his push for Congress to halve payroll taxes for most workers–a plan that would be paid for by increasing taxes on wealthy earners.

Meanwhile, his fellow Democrats have already started arguing that Republicans are effectively threatening to hike taxes on the middle class to protect the wealthy.

Senate Democrats say they’ll vote later this week to cut payroll taxes next year for most workers through a 3.25% surcharge on wealthy earners—the Obama-backed plan that will almost certainly be blocked by Republicans, who oppose any new taxes.

The vote on the proposed cut—which would slice payroll tax from 6.2% to 3.1%–is expected later this week and comes as a 2% payroll tax holiday enacted last year will expire on Dec. 31. Obama’s plan would also halve the tax paid by employers on the first $5 million payroll.” — Aamer Madhani, Copyright 2011 Gannett Co. Inc

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