Payroll tax break to expire on January 1
BY CHRIS CASTEEL NewsOK.com
Thursday, November 22, 2012
11/22/12 at 5:23 AM
WASHINGTON - Shoppers budgeting for Black Friday and beyond might want to consider this: Come January, workers' paychecks will likely be a little smaller.
The payroll tax break that has given the average Oklahoman an extra $579 a year is set to expire, and there has been little talk of extending it for another year as President Barack Obama and Congress prepare to negotiate on income taxes and spending cuts.
Rep. Tom Cole, R-Okla., a member of the House Budget Committee, said Wednesday that it's a topic on which Republicans and Democrats appear to agree.
"We haven't had a bidding war here," he said. "You have to come off this fiscal high one step at a time."
Original Print Headline: Payroll tax break to expire Jan. 1
Click here to read the complete article at NewsOK.com.