When you get your paycheck on Friday, you may do a double-take at your new take home pay. Millions of Americans will see their paychecks go down after Congressional leaders allowed the payroll tax cut to expire at the beginning of the year.
President Barack Obama is set to meet with Congressional leaders at the White House Friday to try and reach a compromise to steer the country clear of the looming fiscal cliff.
While much of the focus with the ongoing austerity crisis on Capitol Hill has been overall tax rates, both President Barack Obama and Republican Speaker of the House John Boehner have agreed on one tax principle: ending the payroll tax holiday.
While both Senators Marco Rubio and Bill Nelson supported a temporary payroll tax cut extension; Florida’s house delegation rejected the bill along party lines.
A high-stakes standoff in Congress could end up with thousands of Floridians losing money in their paycheck and hitting first-time home buyers in the area.
Democratic Congresswoman Debbie Wasserman-Schultz was in Dania Beach Monday morning to renew her call for an extension to the payroll tax cut for all working Americans.
President Barack Obama’s tax-cut deal with the GOP leadership was supposed to be a bi-partisan plan. Instead, it’s drawing bi-partisan fire as it makes its way through Congress.