GOP Rolls Out Tax Extension Plan

GOP Rolls Out Tax Extension Plan

Yesterday, U.S. Senate Minority Leader Mitch McConnell (R-KY) released an outline of his party’s plan to extend the payroll tax cut.  Many speculators were wondering if the Republicans would even back a tax cut.  However, under the GOP plan, the Social Security tax cut would be extended for one year with a rate of 4.2% instead of the normal 6.2%. 

A CNN Money article reports Americans taking home $50,000 would bring home an additional $1,000 a year and for households earning more than $106,800, that means an additional $2,136 more a year.  The article goes on to outline how the Senate Republicans’ and Democrats’ plans differ and what it means for the coming weeks in Congress.

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