The debate over extending the pay-roll tax cut is still
raging on and the House is expected to reject the bill passed by the Senate,
which will extend the tax cut for two months.
Over the weekend, the Senate passed a bipartisan bill to
extend the payroll tax cut, but it is a temporary fix. Analysts believe that
letting the pay-roll tax cut expire could derail economic recovery. House
Speaker John Boehner wants the tax cut extended for a year instead of two
The two month extension was approved by the Senate when both
parties were unable to reach agreements on the terms of a one year extension.
Mr. Boehner told a news conference this morning, “We oppose
the Senate Bill because doing a two month extension instead of a full year
extension creates uncertainty for job creators.”
This angered Senate Majority leader, Harry Reid (D) who
negotiated a deal with House Majority leader Mitch McConnell (R) at Boehner’s
Small businesses can have certain tax breaks available to
them. If they are unaware of their options a tax attorney can give them detailed information. Extending the
pay-roll tax cut could be very helpful to a business and the average worker.
A tax lawyer will
be able to tell the small business owner what they can expect for 2012 if the
pay-roll tax cut is not passed. Tax attorneys are also able to help a business owner make some crucial
decisions, which can reduce their tax liabilities for the