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Payroll Tax Cut

Payroll Tax Cut - As the White House and Congressional Republicans near a deal on sweeping tax legislation, including an extension of the Bush-era tax rates for all income levels, President Obama has agreed to give up the “Making Work Pay” tax credit that was the central tax break for middle and low-income Americans in last year’s economic stimulus bill.

Mr. Obama had been pressing for a one-year extension of the Making Work Pay credit, which provided a tax break of up to $400 for individuals and $800 for couples. But Republicans opposed the idea.

An administration official said that in the emerging deal, the “Making Work Pay” credit would be replaced with a one-year reduction in payroll taxes for workers.

In addition to a two-year extension of the income tax rates enacted under President George W. Bush, the deal includes a one-year extension of jobless aid for the long-term unemployed. Officials said negotiators were also close to an agreement to restore the federal estate tax, which lapsed at the start of this year, with an exemption of up to $5 million per individual, and a maximum rate of 35 percent.

Mr. Obama, on a visit to Winston-Salem, N.C. on Monday, said the two sides were working toward an agreement that would prevent a tax increase at the start of the year when the Bush-era rates are due to expire.

Payroll Tax Cut
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