Congress' fiscal cliff compromise may have protected Florida's middle class wage earners from a massive income tax increase, but the small tax increase it didn’t address remains a threat to the recovering state economy.
Starting Jan. 1, a two percent payroll tax holiday that President Obama put in place in 2010 expires, meaning that the paycheck deduction that funds Social Security will increase by that same two percent.
NPR's coverage of President Obama's comments on the "fiscal cliff" talks
Update at 9:45 p.m. Deal Reached
Vice President Joe Biden was meeting late Monday with Senate Democrats to brief them on a proposed deal to stop sharp tax increases and spending cuts. A source told NPR the deal with congressional Democratic and Republican leaders includes a mix of both.
On the Florida Roundup: The tragedy in Connecticut hits home in what some people call “The Gunshine State,”as Florida has over a million concealed weapons permits, the most in the country. Do you feel safer? We hear your reaction to Florida’s milestone. And will gun control be on the agenda in Tallahassee?
Originally published on Tue November 20, 2012 10:38 am
The White House and Congress continue to work on a deal that avoids the fiscal cliff and cuts deficits in the long run. One of the biggest hurdles is President Obama's proposal to raise tax rates for the wealthy.
Republicans think a better course would be to raise revenue by closing loopholes and limiting deductions for high-income people. The question is, could that method raise enough money.