US Senate blocks proposal to extend payroll tax reduction

Source: Bloomberg
© Scanpix/AFP

The US Senate blocked a Democrat's motion to prolong a workforce tax cut for employees in 2012 and compensating it by the cost by enforcing a 1.9% levy on revenue exceeding $1 million. The proposal failed as 50 voted for and 48 against. The bill had a shortage of 60 votes. The legislature would have reduced payroll tax from 4.2% to 3.1% on the first $110,100 of revenue. 

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Fri, 09 Dec 2011 06:56:51 GMT

European summit did not come to full agreement

The European summit failed to reach a full agreement among 27 members on the treaty changes that might help to combat the Europe's debt crisis by stricter fiscal policy. However, a number of members agreed to raise the capital of the IMF by 200 billion euros for fighting the recession in the region. The full agreement on close fiscal cooperation failed after the UK demanded

Fri, 09 Dec 2011 06:09:13 GMT

Eurozone central banks may decide on loans worth $201bn via IMF

European officials could agree on 150 bn euros ($201 bn) channelled through IMF to provide fresh financing source to tackle crisis, told EU diplomat. Euro region governments expect during the summit to get an affirmation from other non-euro countries to contribute extra 50bn euros. European leading economy Germany has not stated its position on the proposition. 

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