RadioBDC Logo
So Now You Know | The Horrors Listen Live
THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Comparison of House, Senate payroll tax cut bills

By The Associated Press
December 19, 2011
Text size +
  • E-mail
  • E-mail this article

    Invalid E-mail address
    Invalid E-mail address

    Sending your article

    Your article has been sent.

Highlights of legislation renewing payroll tax cuts, jobless benefits approved by the House and Senate:

House bill, approved last Tuesday:

--Price tag over $180 billion.

--Keeps this year's 4.2 percent Social Security payroll tax rate paid by 160 million workers through the end of 2012, instead of rising to 6.2 percent on Jan. 1.

--Extends expiring benefits for the long-term jobless through 2012, but at a maximum of 79 weeks coverage, less in some cases, well below this year's 99-week limit. Revamps program to require beneficiaries without high school diplomas to seek an equivalent degree; lets states test applicants for illegal drug use.

--Prevents 27 percent cut in Medicare payments to doctors for 2012.

--Blocks Obama administration rule curbing pollution from industrial boilers; extends tax break for businesses buying equipment for 2012.

--Requires President Barack Obama to approve the Keystone XL oil pipeline within 60 days unless he declares the project would not serve the national interest.

--Paid for by extending current pay freeze on civilian federal workers another year through 2013 and requires them to contribute more toward their pensions; raises fee Fannie Mae and Freddie Mac charge for insuring mortgages; raises Medicare premiums paid by higher-income elderly; cuts some health care overhaul law programs; sells part of broadcast spectrum; prevents illegal immigrant parents from collecting child tax credit refund checks; bars food stamps, unemployment benefits for the wealthy.

Senate bill, approved Saturday:

--Price tag $33 billion.

--Extends 2-percentage-point cut in Social Security payroll tax through Feb. 29.

--Renews benefits for the long-term unemployed at current levels through Feb. 29, no other changes in program.

--Prevents 27 percent cut in Medicare payments to doctors; extends other health care fees through Feb. 29.

--Same provision on Keystone as House.

--Paid for by increasing home loan guarantee fees charged to mortgage lenders by Fannie Mae, Freddie Mac and the Federal Housing Administration by one-tenth of 1 percentage point. The fee is passed on to home buyers and will apply to many new purchases and refinancings starting Jan. 1.

  • E-mail
  • E-mail this article

    Invalid E-mail address
    Invalid E-mail address

    Sending your article

    Your article has been sent.