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CNN's Mary Snow takes a look at what will happen if the payroll tax cut is not extended.
RELATED STORY: Senate Republican frustration mounting with House GOP
(CNN) – Republican Sen. John McCain of Arizona said Tuesday the battle on Capitol Hill between Democrats and Republicans over extending the payroll tax cut was causing damage to the GOP.
"It is harming the Republican Party," McCain said on CNN's "The Situation Room with Wolf Blitzer." "It is harming the view, if it's possible anymore, of the American people about Congress. And we've got to get this thing resolved."
RELATED STORY: CNNMoney: Payroll tax roulette
By Wolf Blitzer, CNN
(CNN) - With Herman Cain out of the Republican race for the White House, what happens to his “9-9-9” tax plan? The short answer, of course, is that it’s gone. What isn’t gone, though, is a desire for major tax reform in the United States.
All the candidates have come out with various proposals to reshape the way the government taxes people and corporations. There is an emerging consensus among Republicans and Democrats that the system is way too complicated, inefficient and costly. Fresh ideas are absolutely necessary.
Gov. Bobby Jindal discusses whether or not Rick Perry's flat tax solution encourages "class warfare."
Gov. Perry says his flat tax would eliminate taxes on capital gains and dividends. CNN's Tom Foreman looks at the numbers.
In light of recent budget battles, is it fair that corporations can defer paying taxes? Lisa Sylvester investigates.
Washington (CNN) - At the heart of the contentious talks between the White House and congressional Republicans on whether to raise the debt ceiling is a simple, one-sentence document many conservative lawmakers have signed, pledging not to increase taxes.
(CNN) - Words in Washington are important. President Obama and the Democrats always say that “millionaires and billionaires” can afford to pay higher taxes, especially when spending cuts will impact middle class families and the elderly. Given the nation’s high unemployment, House Speaker John Boehner and the Republicans counter by always saying that this is no time to increase taxes on “job creators.”
You won’t be surprised to find out that politicians on both sides are exaggerating.