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Washington (CNN) -- A top Republican leader agreed Thursday with President Barack Obama and Democrats that extending the payroll tax cut would help the economy, but the parties remained divided over how to pay for the move.
Later Thursday, the Senate blocked competing Democratic and Republican proposals from moving forward, setting up negotiations on a possible compromise.
The Democratic plan to extend and expand the payroll tax cut set to expire at the end of the year would assess a 3.25% tax on income over $1 million to pay the cost of more than $200 billion for the extension. Taxpayers with an income of $50,000 would benefit by $1,500 a year.
Senate Republicans prevented Democrats from getting the 60 votes needed to proceed on the measure, which was blocked on a 51-49 vote.
http://www.cnn.com/2011/12/01/politi...html?hpt=hp_t3
Later Thursday, the Senate blocked competing Democratic and Republican proposals from moving forward, setting up negotiations on a possible compromise.
The Democratic plan to extend and expand the payroll tax cut set to expire at the end of the year would assess a 3.25% tax on income over $1 million to pay the cost of more than $200 billion for the extension. Taxpayers with an income of $50,000 would benefit by $1,500 a year.
Senate Republicans prevented Democrats from getting the 60 votes needed to proceed on the measure, which was blocked on a 51-49 vote.
http://www.cnn.com/2011/12/01/politi...html?hpt=hp_t3
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