For the past week congressional leaders have been arguing nearly constantly about what to do with the expiration of the payroll tax cut. A deal was originally struck, then rejected later, but it seems now that Congress has yet again struck a deal and this time it is going to happen for sure.
This is great news for working Americans as it will definitely help them early in 2012; had Congress not reached a decision on extending the tax cut Americans would have spent on aver $2000 more on taxes simply because the tax break ended. This obviously upset millions of people and after a week of constant attention Congress reached a deal that should please everyone while also making sure that Americans are not forced to pay more in income taxes.
Assuming things go as planned the tax break extension will officially be signed into action tomorrow, making it one of the fastest provisions passed recently. The new extension is very similar to the original deal reached, though congressional members say that there are a few key differences. Either way Americans are simply happy to hear that come 2012 they will still have all of the money in their pockets rather than being forced to pay a significant amount more in taxes. This is great news for everyone and the timing could not be better as Congress has given the entire country an amazing Christmas present this year.