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President Barack Obama jets to Scranton, Pa., on Wednesday to ramp up pressure on Congress to extend and perhaps expand a payroll tax cut for another year — a move that Senate Republicans suggested Tuesday could happen, at least the extension.
Last year, Obama and Congress agreed to cut the payroll tax paid by workers for Social Security by 2 percentage points, to 4.2 percent. Obama now wants to extend that another year — and even expand it so that workers would pay only 3.1 percent tax on their wages up to $106,800. If Congress doesn’t act however, the 2-point tax cut ends Dec. 31, effectively raising taxes on workers.