The plan was unveiled by Obama on Monday morning at the white house and that could come to effect by the government agencies. The US president Obama plan to implement new jobs that able to provide the tax cut for nearly 160 million workers by expanding the payroll tax cut ranges from 2 percent to 3.1 percent in the year 2012.
As per the Obama’s announcement according to the tax, it will increase gradually by the next year. At present the tax formalities are less enough that total earnings of the family will save a lot. But the government news for the tax will rise upto $1,000 for the earnings of the person $50,000 a year.
This announcement for the tax cut is highly benefits for the business persons. The payroll tax bill has cut for half that is it is decreased from 6.2 percent to 3.1 percent for the first $5 million in their wages. Approximately 98 percent of the business will undergo this process. Obama has also informed that the full payroll tax to add workers or increase the wages at the time of holidays.
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