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The Telegram
  • 5 things to know about the payroll tax cut extension

  • House Speaker John Boehner and House Republicans came to a deal late Thursday on extending the payroll tax cuts. Without a deal, Americans would have seen their take-home pay decrease on Jan. 1. Here are five things to know about what happened.

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  • House Speaker John Boehner and House Republicans came to a deal late Thursday on extending the payroll tax cuts. Without a deal, Americans would have seen their take-home pay decrease on Jan. 1. Here are five things to know about what happened:
    1. The deal will extend the payroll tax cuts two months, and the House and Senate will take up the matter again in the new year. The official vote is expected to take place before Christmas.
    2. The payroll tax cut saves the average American about $1,000 a year, or about $40 a paycheck.
    3. Boehner and the House had been trying to get a longer extension, but they agreed to go with a bipartisan vote in the Senate that called for the two-month extension.
    4. The Senate plan passed on an 89-10 vote; an attempt to craft a one-year extension had failed.
    5. Republican Senate Minority Leader Mitch McConnell earlier Thursday had called on Boehner and the House to agree to the short-term plan, and it is believed he convinced Boehner to change his mind.
    - GateHouse News Service

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