THE Republicans and the Democrats are up in arms as the tax
break of 160 million workers expires in 11 days.The leaders were unable to reach
a consensus on the year long break on the tax workers pay into the Social
Security retirement system. Due to this failure the House rejected a two month
extension that was approved by the Senate.
The standoff between the Senate and the House of
Representatives is expected to continue throughout Christmas and New Year with
the tax rate that the workers workers pay might come back to 6.2% on January 1.
If the Congress fails to act by December 31, they may have to return to
Washington and make the payroll tax break retroactive to January 1 .Also tied to
the payroll tax bill are extension of jobless benefits and provision to avert a
pay cut for doctors treating patients on the Medicare health program for the
elderly
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