WASHINGTON (AP) — Senate Democrats are advancing President Barack Obama's plan to cut every worker's payroll taxes in half next year — paid for by a 3.25 percent tax surcharge on the very wealthy.
The $248 billion plan would cut Social Security payroll taxes from 6.2 percent to 3.1 percent in hopes of propping up the still-weak economy. It would also cut the portion of the tax paid by employers on the first $5 million of their payroll.
A spokesman for Senate Majority Leader Harry Reid says Democrats will hold a test vote on the plan later this week.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
