Reid Says Democrats Will Offer ‘Modified’ Payroll Tax-Cut Extension Bill

U.S. Senate Majority Leader Harry Reid said Democrats will introduce a “modified” version of a payroll tax cut extension for workers for 2012 today. The measure will be offset by a “scaled-back, temporary” surtax on annual income exceeding $1 million.

“Raising taxes on American families by $1,000 next month will have an immediate negative impact on the economy,” Reid said today on the Senate floor. “We all know Congress can’t afford to play chicken with this economy.”

To contact the reporter on this story: Steven Sloan in Washington at ssloan7@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.