News
CNN: Money | Payroll tax: Congress on vexing path
Once again, Congress is going down to the wire on a "must-pass" bill that lawmakers have been debating for months. The centerpiece of this one -- the soon-to-expire payroll tax cut -- affects more than 160 million people.
National Journal | QUICK TAKE: Senate Payroll Tax Provision Tough to Implement: Think Tank
The Senate bill orders that wages above $18,350 in the first two months of the year be subject to the standard 6.2 percent payroll tax. The $18,350 figure is the two-month pro-rated amount of the $110,100 limit on exposure to payroll taxes in 2012. The Senate made this move to prevent the wealthiest income earners from also receiving the payroll tax cut.
Econ Comments
WSJ | Liberals Love the 1%
A lesson in big business tax favoritism in Illinois.
Blogs
Minyanville | Decoding the Payroll Tax Cut: How Well Does It Work?
Economists say allowing the cut to expire could have serious consequences for the still fragile economy.
