Legislative Issues for 2012

President Obama wanted to extend the cuts for all taxpayers except those individuals making $200,000 a year or married couples pulling down $250,000 annually. But the super committee threw up the white flag before the November 23 deadline.

Both chambers agreed to temporarily extend the payroll tax holiday—the reduced old age, survivors and disability (OASDI) taxes that fund Social Security—until the end of February, and were searching for common ground to pay for the estimated $263 billion cost.