It's Your Money

Feb 14, 2012 12:30 PM by Sharon Knight

Pres. Obama pushes for payroll tax cut extension

After a heated showdown between Congress and the White House, back in December, the 2% payroll tax cut was extended for two months. Now, that extension is about to run out, and President Obama is asking for an extension for the remainder of 2012.

Today, President Obama took his push to the American public, asking that we speak out. The president argued that the extra $40 per paycheck that a typical middle-class worker is receiving, is an important boost to the recovering economy.

"The last thing we need is for Washington to stand in the way of America's comeback," President Obama said. "That means Washington shouldn't hike taxes on working Americans right now... But that's exactly what's going to happen at the end of this month, if Congress doesn't do something about it."

House Republicans say they are willing to go along with the 10-month extension, without first finding offsetting spending cuts, but they want to separate out the payroll tax cut from an attached unemployment insurance measure.

 

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