If Congress wants to extend the payroll tax cut beyond Feb. 29 without adding to the national debt, it has to cut somewhere else, raise fees or find other tax money.
After Republican Sen. Mitch McConnell suggests Warren Buffett give his fortune to the U.S. Treasury, the billionaire pledges to match Republican contributions.
Analysis of plan says the rich would see taxes cut 15% and the middle class would see taxes fall 2.2%. The plan would increase the deficit, something the GOP candidate disputes.
GOP candidate wants to cut tax rates and increase exemptions for children, plus cut domestic spending. But his budget cuts wouldn't replace nearly all the lost revenue.
Both parties want to extend the Social Security tax cut, but they disagree sharply over how to pay for it. Plus, politics is at play in dictating what discussions to have when.
The White House turns to social media to make its case for the payroll tax extension. For a taxpayer making $50,000 a year, it means about $40 per 2-week pay period.
Democrats hope refusal to extend the tax cut will show the Republicans favor the rich. GOP argues that the public will see the two-month extension as a gimmick and blame the Dems.
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