US Senate rejects extension of payroll tax cut

    The tax cut saved working class households approximately one thousand dollars a year. The vote was 51 against and 49 for the extension.
    While Republicans typically are always for tax cuts but they are even more concerned about protecting the interests of the rich. The Democratic bill would have paid for the loss of revenue caused by extending the cut by a 3.25 per cent surtax on incomes of anyone earning over a million a year.
   Susan Collins a Republican from Maine broke ranks and voted for the bill but three Democrats joined the love the rich Republican crowd. President Obama naturally jumped at the chance to attack the Republicans saying: "Tonight, Senate Republicans chose to raise taxes on nearly 160 million hardworking Americans because they refused to ask a few hundred thousand millionaires and billionaires to pay their fair share.." For more see this article.