U.S. House Pushes for a One Year Tax Cut Extension

U.S. House Pushes for a One Year Tax Cut Extension

Members in the House of Representatives passed a bill that provided an extension of the payroll tax for one year; however, Republicans and Democrats in the Senate failed to reach a yearlong deal.  Instead, they passed a short, two month extension with promises of reconvening after winter break to strike an agreement on the issue.

An LA Times article says the House is not satisfied with the two-month deal, and is working towards developing a solution for reaching a one year deal.  Speaker John Boehner said on Wednesday, “We are the party of lower taxes for the American people.  We have fought for lower taxes for the 21 years that I’ve been in this Congress, and we are going to continue to be party of lower taxes.”

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