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Senate Democrats to back Obama payroll tax cut

Senate Democrats are advancing President Barack Obama's plan to cut every worker's payroll taxes in half next year paid for by a 3.25 percent tax surcharge on the very wealthy.

By Andrew Taylor | Updated on November 28, 2011

WASHINGTON (AP) — Senate Democrats are advancing President Barack Obama’s plan to cut every worker’s payroll taxes in half next year — paid for by a 3.25 percent tax surcharge on the very wealthy.

The $248 billion plan would cut Social Security payroll taxes from 6.2 percent to 3.1 percent in hopes of propping up the still-weak economy. It would also cut the portion of the tax paid by employers on the first $5 million of their payroll.

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