Congress passes payroll tax cut through 2012
Posted February 21, 2012
Employees will continue to enjoy a 2 percent cut in their social security taxes throughout the remainder of 2012. On February 17, Congress passed a bill extending the temporary tax cut, which was set to expire on February 29.
The bill also extends benefits for the long-term unemployed who may no longer qualify for state unemployment insurance. The bill provides flexibility in the use of benefits for the unemployed to get training, short-term employment, or set up their own businesses, according to the Department of Labor.
The House of Representatives passed the measure 293-132, while the Senate passed the bill 60-36. President Barack Obama has stated that he will sign the bill.
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