Reed on Fiscal Deal
Congress worked deep into the night to finally pass a bill to avoid that so-called fiscal cliff and preserve tax breaks for most Americans. Without the deal, we all would have seen federal income taxes go up by thousands of dollars. The bill preserves tax breaks for everyone making up to 400 thousand dollars a year.
Southern Tier Republican Congressman, Tom Reed, voted for the deal. He says he's disappointed there was nothing in it to address cutting spending, but felt a yes vote was the right thing to prevent substantial tax hikes on 99 percent of people in the country. Reed also says he was encouraged because the deal "leaves the door wide open to comprehensive tax reform."
The deal does not address the expiring payroll tax break, which means most workers will be paying two percent more of their salaries into social security.