Source: Kate Bolduan and Tom Cohen / CNN
Washington – Senate Democrats will offer a new proposal for extending the payroll tax cut that drops a provision to tax income over $1 million, a Democratic source told CNN on Wednesday.
The so-called “millionaires tax” was opposed by Republicans who had blocked previous proposal by Senate Democrats to prevent the payroll tax on workers from returning to a higher rate a the end of the year.
No further details were immediately available on the new proposal, which emerged from a White House meeting between Senate Democratic leaders and President Barack Obama on Wednesday afternoon, the source said.
Earlier, political skullduggery spilled onto the Senate floor with Democratic and Republican leaders openly squabbling over the order of votes on a GOP payroll tax-cut plan and a spending measure needed to keep the government funded past Friday.
To read this article in its entirety visit CNN.