President Obama Signs Payroll-Tax Holiday Extension
On February 22, 2012, President Obama signed the payroll-tax holiday extension into law.
Among other things, the measure maintains a lower payroll-tax rate for the duration of 2012.
The President strongly praised the agreement reached in Congress that led to passage of the bill.
“Leaders of both parties have done the right thing for our families and for our economy by reaching an agreement that will prevent a tax hike on 160 million working Americans,” the President said. “The typical American family will still see an extra $40 in every paycheck, keeping nearly $1,000 of their hard-earned money this year.”