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Blogs / Power

Payroll-Tax Cut Might Not Survive

September 21, 2012
What's going to happen to the payroll tax cut? The prognosis looks negative. Our colleagues in National Journal Daily report that Congress' enthusiasm over the tax has waned and in the scrum over the fiscal cliff, it's not clear if lawmakers will act to save this cut.

Here's Katy O'Donnell:

As many as 160 million Americans will likely see their taxes go up in 2013, even if Congress extends the Bush-era income-tax cuts. That's because, after two years, it looks like time is up for the payroll-tax cut, and rates could return in January to 6.2 percent from the current rate of 4.2 percent.

[snip]

As lawmakers start to meet privately over tax extenders and the fiscal cliff, no one has taken up the cause of extending the payroll-tax cut, according to congressional aides, and concern over diverting revenue from Social Security to help pay for the cut has only grown in the two years since it passed.

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