Payroll Tax Cut Extension

On February 17th, Congress passed the “Middle Class Tax Relief and Job Creation Act of 2012” and sent it to President Obama for his signature.  The act extends the 2% payroll tax cut through then end of 2012, assuring most Americans don’t see a 2% cut in their take home pay.

The act extends a prior stimulus measure which cut the amount each employee contributed to the Social Security fund by 2%.