Temporary 2012 Payroll Tax Cut Extension – Obama Extends Social Security Tax Cut

In 2011, American taxpayers enjoyed a temporary reduction in Social Security taxes.  For what was supposed to be one year only, taxpayers only paid 4.2% in payroll taxes, a 2% reduction from the normal 6.2% rate.  But just before that tax break was about to expire, Congress passed a last-minute short-term extension.  The payroll tax […]

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