US Senate blocks proposal to extend payroll tax reduction

Note: This section contains information in English only.
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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