Payroll Tax Cut To Come Up After Thanksgiving

President Barack Obama said on Tuesday U.S. lawmakers would have a chance to vote again next week to extend a payroll tax cut which, he said, would hurt the economy and employment if it were not extended into 2012.

"In the spirit of Thanksgiving, we are going to give them another chance," Obama said, referring to lawmakers in Congress and Thursday's U.S. Thanksgiving holiday.
Once the Turkey coma wears off, Congress will take up the payroll tax cut and an extension of unemployment insurance.

Both are scheduled to run out at the end of the year. Estimated price tag for them is in the neighborhood of $200 billion. "Next week they are going to get to take a simple vote. If they vote no again the typical family's taxes will go up $1,000 next year."

While the details were still being worked on, Democrats could attempt to pay for extending the tax cut by raising taxes on the wealthy. Republicans have blocked that idea in the past and likely would do so again. Read more....