Obama Proposes Payroll Tax Reduction
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A one-year payroll tax deduction is being proposed by the Obama administration as part of a broader package to cut taxes.
Under the plan, Social Security taxes would drop from 6.2% to 4.2%. The savings would be $800 for a worker earning $40,000.
Under the plan, Social Security taxes would drop from 6.2% to 4.2%. The savings would be $800 for a worker earning $40,000.
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