Obama calls for 'no drama' in extending payroll tax cut
United States President Barack Obama said preventing a 2 percent payroll tax hike that would affect 160 million working Americans is the country's "most immediate priority" in his recent State of the Union address.
"There are plenty of ways to get this done," Obama said in the speech. "So let's agree right here, right now: No side issues. No drama. Pass the payroll tax cut without delay. Let's get it done."
Forbes recently cited calculations from the Tax Policy Center that found the reduced rate of 4.2 percent instead of 6.2 percent saved the average household $934 in 2011.
However, extending the cut for 2012 has already proven to be problematic for lawmakers, who managed to agree upon a two-month extension just eight days before the 2011 allowance was set to expire last month. As ABC News reports, a group of bipartisan lawmakers recently met for the first time to draw-up a long-term continuance of the current extension, which expires at the end of February.
"There are plenty of ways to get this done," Obama said in the speech. "So let's agree right here, right now: No side issues. No drama. Pass the payroll tax cut without delay. Let's get it done."
Forbes recently cited calculations from the Tax Policy Center that found the reduced rate of 4.2 percent instead of 6.2 percent saved the average household $934 in 2011.
However, extending the cut for 2012 has already proven to be problematic for lawmakers, who managed to agree upon a two-month extension just eight days before the 2011 allowance was set to expire last month. As ABC News reports, a group of bipartisan lawmakers recently met for the first time to draw-up a long-term continuance of the current extension, which expires at the end of February.
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