Tuesday, October 16, 2018
News: Page (1) of 1 - 09/08/11 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook
Obama doubles down on expanded payroll tax cut
Obama doubles down on payroll tax cut; plan would make it bigger, expand it to small employers
By The Associated Press

WASHINGTON (AP) ' President Barack Obama is doubling down on a payroll tax cut for workers and small businesses. He's hoping it will do more to revive the job market than a smaller version has done this year.

Obama wants to extend and expand a payroll tax cut that is scheduled to expire at the end of the year. The current tax cut, which applies only to workers, reduces Social Security taxes from just over 6 percent to just over 4 percent. Employers still pay the 6.2 percent rate, which is applied to wages up to $106,800.

The tax cut is part of a package of nearly $450 billion in tax reductions and new federal spending that Obama unveiled Thursday night.

Page: 1


Our Privacy Policy --- About The U.S. Daily News - Contact Us - Advertise With Us - Privacy Guidelines