A measure supported by the Democrats that would cut the payroll tax was blocked in the Senate. The bill only received 50 votes and needed 60 votes to move forward. The payroll tax on the first $110,100 would have fallen to 3.1% from 4.2% in 2012. An agreement on some form of a payroll tax cut or extension is likely in the next few weeks.
To read a related Bloomberg article, please click here:
http://www.bloomberg.com/news/2011-12-08/senate-blocks-dem-bill-to-expand-payroll-tax-cut.html
James Sutliff