Politics

Deal on Bush tax cuts trims payroll levy

President Obama closed in on a deal with Congressional Republicans on Monday to extend the Bush-era tax cuts at all income levels for two years as part of a package that would extend jobless aid for long-term unemployed, cut payroll taxes for all workers for a year and take other steps to bolster the economy, an administration official said.

In announcing the preliminary deal, Mr. Obama said Democrats were holding firm against what he portrayed as Republican attempts to only grant tax cuts to the wealthiest Americans.

“Make no mistake, allowing taxes to go up on all Americans would have raised taxes by $3,000 for a typical American family and that could cost our economy well over a million jobs,” Mr. Obama said at the White House.

Full Story: Obama, Congress Near Deal on Tax Cuts – NYTimes.com