Payroll Tax Cuts

According to news reports, White House officials have been discussing a possible temporary payroll tax cut to stimulate consumer spending and the economy. Despite the reports, the White House issued a statement that said, “More tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at this time.” In 2011 and 2012, under President Obama, payroll taxes (Social Security and Medicare) were temporarily reduced from 6.2% to 4.2% in response to the economic downturn at that time. Any tax cuts would have to be part of a bill passed by Congress, which would then go to the President for his signature. Stay tuned.

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