
How Senate, House payroll bills differ
The House would extend the payroll tax cut through 2012 while the Senate would extend it only 2 months. The measures also differ on benefits for the unemployed.
This post is by The Associated Press.
If you find you can't keep up with the payroll tax debate without a scorecard, you're not alone.
Here are the highlights of the competing pieces of legislation passed by the House and Senate last week:
House bill, approved Dec. 13:
- Price tag more than $180 billion.
- Keeps this year's 4.2% Social Security payroll tax rate paid by 160 million workers through the end of 2012, instead of letting it rise to 6.2% on Jan. 1.
- Extends expiring benefits for the long-term jobless through 2012, but at a maximum of 79 weeks coverage, less in some cases, which is well below this year's 99-week limit. Revamps program to require beneficiaries without high school diplomas to seek an equivalent degree; lets states test applicants for illegal drug use.
- Prevents 27% cut in Medicare payments to doctors for 2012.
- Blocks Obama administration rule curbing pollution from industrial boilers.
- Extends tax break for businesses buying equipment for 2012.
- Requires President Barack Obama to approve the Keystone XL oil pipeline within 60 days unless he declares the project would not serve the national interest.
- Paid for by extending current pay freeze on civilian federal workers another year through 2013 and requiring them to contribute more toward their pensions; raises fee Fannie Mae and Freddie Mac charge for insuring mortgages; raises Medicare premiums paid by higher-income elderly; cuts some health care overhaul law programs; sells part of broadcast spectrum; prevents illegal immigrant parents from collecting child tax credit refund checks; bars food stamps, unemployment benefits for the wealthy.
Senate bill, approved Saturday:
- Price tag $33 billion.
- Extends 2-percentage-point cut in Social Security payroll tax through Feb. 29.
- Renews benefits for the long-term unemployed at current levels through Feb. 29, no other changes in program.
- Prevents 27% cut in Medicare payments to doctors; extends other health care fees through Feb. 29.
- Requires President Barack Obama to approve the Keystone XL oil pipeline within 60 days unless he declares the project would not serve the national interest. This is the same as the House provision.
- Paid for by increasing home loan guarantee fees charged to mortgage lenders by Fannie Mae, Freddie Mac and the Federal Housing Administration by one-tenth of 1 percentage point. The fee is passed on to home buyers and will apply to many new purchases and refinancings starting Jan. 1.
More from MSN Money:
Anyways, if I had the cut, I'd bee paying off debt, not continuing to spend like a drunken sailor..
Congress an Obama really don't have a clue.
Damn them all in Washington! Nothing has been done to help the working poor (a.k.a. old Middle Class) all year.
2012 is not only the year of the Mayan calendar (12-21-2012), but the year that all the present Washington legislators (11-06-2012) will no longer have a job as the 99% will vote every incumbent out of office for doing nothing to help us....
"If I had a hammer...."
Damn them all in Washington! Nothing has been done to help the working poor (a.k.a. old Middle Class) all year.
2012 is not only the year of the Mayan calendar (12-21-2012), but the year that all the present Washington legislators (11-06-2012) will no longer have a job as the 99% will vote every incumbent out of office for doing nothing to help us....
"If I had a hammer...."
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