White House Proposes Payroll-Tax Holiday
By JONATHAN WEISMAN And JOHN D. MCKINNON
WASHINGTON—Aides to President Barack Obama are proposing a one-year reduction in the payroll tax as part of negotiations with Congress on a broader package to stave off income-tax increases due to take effect next year.
Under the White House plan, the Social Security tax paid by workers would drop temporarily by 2 percentage points, to 4.2% from 6.2%, a person familiar with the proposal said. For a worker earning $40,000, the tax savings would be $800.
Why cut S S taxes, I thought It's
BROKE!!!!!!!!!!!
Who the Heck thought of this?
Update, 5:45 pm.
Why not cut Federal income taxes?
Why not cut Business taxes?
Why S.S. Taxes only?
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