WASHINGTON (AP) — Democratic officials say a new payroll tax cut plan by Senate Democrats drops President Barack Obama's proposal to award the tax cut to employers in addition to every worker who draws a paycheck.

The move would trim almost $70 billion from the $265 billion cost of the payroll tax cut plan, the centerpiece of Obama's jobs agenda. Obama had proposed to cut employers' payroll tax contribution in half, from 6.2 percent to 3.1 percent.

The new plan would retain Obama's proposal to boost the payroll tax cut to 3.1 percentage points from the current 2 percentage point cut that expires at the end of the month.

Continue Reading for Free

Register and gain access to:

  • 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
NOT FOR REPRINT

© 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.