Tax Blog

In a speech to a joint session of Congress on September 8, 2011, President Obama proposed cuts to both employee and employer payroll taxes for 2012 and tax credits meant to encourage hiring of unemployed workers.

The President's proposal, the American Jobs Act, would cut employee Social Security payroll taxes in half in 2012.  It would also reduce business payroll taxes by the same percentage on companies' first $5 million in wages and would completely eliminate payroll taxes for companies that increase their payroll by up to $50 million relative to the prior year. The payroll tax ...