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OBAMA RACES TO CUT TAXES BEFORE REPUBLICANS: 6.2% Social Security tax would drop to 4.2% for workers for one year

The White House and Republican lawmakers were close to an agreement on a broad tax package that would extend the Bush-era rate cuts, reduce worker payroll taxes for one year and give more favorable treatment to new business investments. Other possible elements of the still-developing deal include a temporary reinstatement of the estate tax at 35%—the level favored by most Republican lawmakers—as well as an extension of jobless benefits for the long-term unemployed and temporary tax breaks for students and working families. The outcome of the negotiations is vital, because the current tax levels signed into law by President George W. Bush expire on Dec. 31. Unless Congress acts beforehand, tax rates on virtually all Americans who pay income taxes will rise on Jan. 1. That could affect economic growth and even holiday sales.

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