In the aftermath of the presidential elections, the payroll tax cut appears to be one of the likely casualties of the scramble to resolve questions over expiring tax cuts and the looming fiscal cliff during the lame-duck session of Congress.

"Even before knowing the election results, there didn't seem to be any support on either side of the aisle for extending the payroll tax cut," Paul Dillon, director of tax services at Baker Tilly Virchow Krause, said after the election. "We know that's going to expire at the end of the year."

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