Palromanian Tax Reduction Case Extension Congress passed the bill to extend the payroll tax cut

Congress passed the bill to extend the payroll tax cut (Alberta Times) On the 18th, Congress passed a compromise bill to extend the payroll tax cut and unemployment benefits until 2012…

The payroll tax cut extension case passes Congress (Alberta Times) Parliament passed a compromise bill on the 18th to extend the payroll tax cut case and unemployment benefits until the end of 2012. The bill aims to lift the U.S. economy out of its doldrums, but it also plunges Congress into a vicious fight. The House of Representatives passed the bill by a vote of 293 to 132, and the Senate soon passed it by a vote of 60 to 36. Under this bill, Social Security tax incentives will be extended for another 10 months, and unemployment benefits will be extended until the end of 2012. Currently, long-term unemployed people in 22 states across the country are eligible to receive unemployment benefits for more than 93 weeks. Only 18 states can receive unemployment benefits for 99 weeks. The average unemployment benefit is nearly 300 yuan per week. The 2% reduction in social security tax will be extended, allowing individuals with an annual income of 50,000 yuan to pay 80 yuan less per month. The bill extends federal unemployment benefits, currently available for up to 99 weeks, through May in the 18 states with the highest unemployment rates. By June, unemployment benefits were reduced to a maximum of 79 weeks, and by September, they were reduced to 73 weeks; in other states, the maximum was only 63 weeks. Federal long-term unemployment benefits are provided to people who have been unemployed for more than six months. This plan will provide federal unemployment benefits to 18 million workers who have received 26 weeks of state unemployment benefits. Democrats hope to set the maximum period of benefits to be closer to 99 weeks to assist the unemployed and stimulate the economy; while Republicans advocate reducing it to 59 weeks to reduce the federal deficit. Of the 13 million unemployed people in the country, 43% have been unemployed for more than six months, which is higher than in any economic downturn since the Great Depression. If Congress does not extend the federal unemployment benefit program, about 1 million people will lose benefits in March. The reduction of the Social Security tax rate from 6.2% to 4.2% means that an office worker with an annual income of $50,000 can increase their take-home pay by about $1,000 this year. As for the reduction of federal medical insurance (Medicare) benefits to doctors, it will also be postponed until after the November election. Federal Medicare is the public insurance provided by the U.S. government to the elderly. The cost of this bill is estimated to be $150 billion.