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American Jobs Act -- Social Security Taxes Cut Further
- Published on Mon | 26 Sep 2011
The American Jobs Act, Obama's proposal for a $447 billion package of tax cuts and spending programs, aims to put people back to work and get the economy back on track.
Critics are concerned about where the money for the proposed legislation would come from and whether or not the Social Security Trust Fund would suffer. The White House assured skeptics that the act would be "fully paid for" as part of the long-term deficit reduction plan.
If the legislation passes, here are a few changes that will come about:
• Social security tax rate reduction
• Payroll increase credit for employers
• Tax credits for hiring veterans and long-term unemployed
• No discrimination against unemployed
Read more aboutThe American Jobs Act.