Taxes, Payroll Tax | featured news

Barack Obama is calling on Congress to extend a payroll tax cut for the remainder of the year as a deadline nears for Congress to act or see taxes go up for millions of working Americans.

Tax reform sounds like a good idea to lots of people, but where to start? Eliminate the popular deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax?

President Obama's aides are seeking to pressure House Republicans in the hours leading up to a vote tonight on a two-month extension of the payroll tax cut, saying an adverse decision will subject nearly 160 million Americans to a tax hike next year.

President Barack Obama on Friday pledged an aggressive push to pass an extension to the payroll tax cut for U.S. workers, saying lawmakers must not leave for their holiday break without taking action on it.

News flash: Congressional Republicans want to raise your taxes. Impossible, right? GOP lawmakers are so virulently anti-tax, surely they will fight to prevent a payroll tax increase on virtually every wage-earner starting Jan. 1, right?