AMERICAN JOBS ACT: Payroll Tax Cut

The message that President Obama took to Scranton, PA , speaking to a crowd assembled in the town's high school auditorium, is if Congress fails to extend the tax cut through 2012, it would deliver a "massive blow" to the nation's economy:

" [If] Congress doesn’t act to extend this tax cut -- then most of you, the typical middle-class family, is going to see your taxes go up by $1,000 at the worst possible time. "


This is Pres. Obama's latest effort to pressure Congress to extend and expand tax breaks scheduled to expire at the end of this year.


The payroll tax cut will put an extra 1,500 in the pockets of of the typical American family that makes 50,000 a year.

Transcript



12.1.11 The Senate rejected an extention of the payroll tax cut that's due to expired the end of this year.