Less than a week after the collapse of the super committee, Congress is set to begin debate on extending and expanding payroll tax cuts due to expire at the end of the year. A part of President Obama’s jobs program that previously failed in the Senate, the legislation would reduce employees’ payroll taxes with an average savings of $1,500 for working families, but would raise the income tax on individuals whose yearly earnings exceed $1 million. Proponents view the tax cuts as an urgent measure to protect the middle class and jumpstart the economy, while opponents argue that the increased income taxes will burden small business owners and impede much-needed job creation.
On Thursday, December 1, expert Gary Burtless took your questions on the payroll tax extensions in a live web chat moderated by Vivyan Tran of POLITICO.
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[On the possibility of ongoing secret negotiations between the U.S. and North Korea] I am always wondering if my chain is being yanked. It could also mean Kim is trying to undermine Moon, who positions himself as a broker between the U.S. and North Korea. These two potential explanations are not mutually exclusive.