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Wed December 7, 2011
Levin says Congress must extend payroll tax break
Senator Carl Levin says Congress needs to pass an extension of the payroll tax break that’s set to expire at the end of the month.
Levin says the cut in the taxes collected to pay for Social Security saved the average worker about $1,000 in taxes during the past year.
“If we do not extend this payroll tax reduction," says Levin, "we’re going to find 160 million people with a tax increase on January 1.”
Republicans are balking at extending the tax break. They want Democrats to agree to budget cuts to make up for the loss of money for the Social Security system.
Democrats want to pay for the tax cut with a surcharge on the very wealthy.
A final deal is not expected until next week.