Congress Passes Full Year Extension of 2% Payroll Tax Cut
Congress Passes Full Year Extension of 2% Payroll Tax Cut On February 17, the U.S. Senate and House of Representatives passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act of 2012 (Tax Relief Act of 2012). The bill now goes to President Obama for his signature, and he has indicated he is in favor of the legislation. The Tax Relief Act of 2012 extends until the end of 2012 the reduction in the social security tax rate paid by employees from 6.2% to 4.2% that was first implemented for 2011 by the Tax Relief Act of 2010 [...]