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American Jobs Act of 2011
By Children’s Home Society of Florida Foundation
Recently, President Barack H. Obama traveled to Manchester, New Hampshire to speak at a high school. There, he proposed a new payroll tax cut in the American Jobs Act of 2011.
The TR-UIR and JCA of 2010
In the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the employee contribution for Social Security was reduced from 6.2% to 4.2% for 2011. This reduction reduced employee taxes and resulted in lower contributions to the Social Security fund for 2011.
In 2012
President Obama proposed a reduction again for 2012. The American Jobs Act reduces the employee contribution from 6.2% to 3.1% for the year. In addition, there also would be a 3.1% reduction in the employer’s share for the first $5 million in payroll contributions.
Assessment
House Speaker John Boehner (R-OH) suggested that he was willing to work with the President on this proposal. He stated, “We told the President in September that we stand ready to have an honest and fruitful discussion with him regarding the payroll tax extension.”
Conclusion
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Filed under: Taxation | Tagged: American Jobs Act of 2011, contribution Social Security, Payroll Tax Cut, Tax Relief, Unemployment Insurance Reauthorization Job Creation Act of 2010 | 9 Comments »
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