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.”

This entry was posted on Saturday, February 25th, 2012 at 4:13 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “President Obama Signs Payroll-Tax Holiday Extension”

  1. Balram Says:
    May 15th, 2012 at 9:05 pm

    First let me say that I have a very small company with only 7 empeyoels. My family members and myself are the ones who are mostly involved in the day to day operations, and sadly we don’t always get a paycheck. In fact we have been in business since 2005 and the only people making money are our lenders and suppliers.The 999 plan will help us out in a few ways. First, buy eliminating our FICA-Medicare obligations it will save us approx. $450.00 each month. Now that’s not a great deal of money in the short term but it is a bit of breathing room for us. Second, I also ran the numbers on our empeyoels paychecks and they will each be saving approx. $20.oo a paycheck. With added savings on my contributions to FICA-Medicare, I believe I could match those savings in the form of a raise to my empeyoels.The given business I am in (laundromats) deals with mass quantities of utilitiy purchases as our main expense behind rent. With our suppliers being large deregulated corporations I hope that massive payroll cuts on their end will mean a reduction in utility costs which will relieve a huge cost burden to us. In the end I believe I could lower costs to my customers and become more competitive and increase volume.I believe that Herman Cain’s 999 Plan will help my business, my empeyoels and my customers; and that’s why I support it.Brian T.Small Business OwnerWoodbridge, VA