Social Security tax cuts extended to the end of the year

Social Security tax cuts extended to the end of the year (Alberta Times) The House and Senate of Congress extended the Social Security tax on the evening of the 14th (payroll tax) tax reduction method...

(Alberta Times)

The House and Senate reached an agreement on the evening of the 14th on extending the Social Security tax (payroll tax) reduction plan. According to the consensus reached, for taxpayers with an annual income of 50,000 yuan, the weekly tax reduction this year will be 20 yuan. Members of Congress are scheduled to announce details on the 15th and send the bill to President Obama for his signature this week. The Social Security tax reduction plan passed by Congress will be extended to the end of this year, with a tax reduction of 2%. After passing this plan, the deficit will increase by 100 billion yuan. Unemployment benefits for the long-term unemployed will also be restored. After passing this plan, the deficit will increase by 30 billion yuan; the federal government will raise the necessary financial resources by auctioning radio channels and requiring federal employees to pay more for their pensions. Obama announced a job creation plan in September last year, and the extension of Social Security tax cuts and the restoration of unemployment benefits for the long-term unemployed are the focus of the plan. The Social Security tax cut will benefit 160 million Americans. For taxpayers with an annual income of $100,000, the tax will be reduced by $2,000 this year; for taxpayers with an annual income of $50,000, the weekly tax reduction will be $20. For Obama, passing the Social Security tax cut plan is not only a major victory, but also removes this issue from the agenda of the fall presidential election, reducing the pressure on Obama. The agreement reached by lawmakers also spares doctors who provide Medicare from significant cuts in fees for medical services. Republican congressional aides said congressional staff are revising legislation related to unemployment benefits. According to the agreement reached, in most states, the unemployed can only receive unemployment benefits for up to 63 weeks. The unemployed in states with higher unemployment rates will receive additional unemployment benefits. Currently, in states with higher unemployment rates, unemployed people can receive up to 99 weeks of unemployment benefits. The agreement reached on the evening of the 14th was also a victory for the Hispanic community. Republicans originally required low-income families applying for the child tax credit to provide Social Security numbers, but Republican congressmen agreed to cancel the program.