House GOP vows to reject payroll tax cut extensionPosted: Updated:
Millions of residents throughout the borough and the country could see a tax hike in the new year as House GOP leaders vow to reject a payroll tax cut extension plan.
The Senate passed the bipartisan measure Saturday night to extend cuts for two months in hopes of giving both sides more time to reach a long-term deal. The cuts are set to expire Dec. 31, and if lawmakers don't reach an agreement, workers could pay an additional $1,000 in taxes annually.
President Barack Obama has voiced his support for the extension. He has also decided to delay the start of his holiday vacation until the issue is resolved.
Representatives in the Senate left Washington for the holidays after signing the extension proposal, and they aren't scheduled to return until Jan. 23.