AP: House GOP Reaches Possible Payroll Tax Break Deal

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Congressional aides tell the Associated Press that House GOP members are ready to vote in favor of a short-term agreement that would extend the payroll tax cut extension for millions of Americans.

President Barack Obama said not extending the measure will cost Americans heating oil for their homes, gas money to visit family, and pizza nights with their children.

Speaking from the White House, Obama used the examples to push Congress to extend the payroll tax cut and unemployment insurance set to expire on December 31.

The president was flanked by people who responded to a question from the White House via social networking sites asking what they do with the $40 per week that the tax break offers.

However, Republican House Speaker John Boehner was calling for a one-year extension of the tax cut as opposed to the White House backed and Senate passed two-month version.

"Democrats and even some Republicans in the House voted for that compromise. I am ready to sign that compromise into law the second it lands on my desk," said Obama.

"A one-year bill, like the President requested and like the House produced, is simply better for jobs and better for our economy," said Boehner. "A one-year bill provides on average about a thousand dollars for American workers, as opposed to the Senate bill which would provide a measly $166."

If a deal is not reached, average American workers will pay about $1,000 a year more in taxes.

However, here in New York, State Comptroller Tom DiNapoli says residents could pay some $7 billion in extra taxes collectively if Congress doesn't reach an agreement to extend the cuts.

DiNapoli's office released figures Friday showing tax increases by annual wage.

According to DiNapoli, New Yorkers making $20,000 a year would have to pay $400 extra.

New Yorkers making more than about $110,000 would pay more than $2,000 on top of their current tax rate.

Source: http://www.ny1.com/content/top_stories/152953/ap--house-gop-reaches-possible-payroll-tax-break-deal

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