Democrats in US Senate will propose another
vote to extend payroll tax cut in 2012. Legislature offered by Democrats would
lower employee payroll tax from current 4.2% to 3.1% next year. Officials plan
to compensate $185 bn cost by a new 1.9% surtax on annual revenue exceeding $1m
as well as by increasing charges to financials owned by Freddie Mac and Fannie
Mae. The new proposal is an answer to Republicans concerns on how the cost of
tax reduction would be covered.