- Days left

House Passes Payroll Tax Cut for Obama's Signature

House passes payroll tax cut for Obama's signatureWASHINGTON (AP) - The House has passed a two-month renewal of payroll tax cuts for 160 million workers and unemployment benefits for millions of jobless, giving President Barack Obama a resounding victory over Republicans who control the House. The Senate approved the bill earlier Friday. The measure was passed by voice vote in a virtually empty House chamber despite lingering grumbling from tea party Republicans. It buys time for negotiations early next year on how to cover the costs of a yearlong extension of the two percentage point payroll tax cut, the centerpiece of Obama's fall jobs agenda.

It would boost the paycheck of the average worker making a $50,000 salary by about $20 a week and would prevent almost 2 million unemployed people from losing jobless benefits averaging $300 a week.

Increase your money and finance knowledge from home

How Financial Planners go Grocery Shopping

Learn to shop smart and save.

View Course »

How to Buy a Car

How to get the best deal and buy a car with confidence.

View Course »

TurboTax Articles

A Tax Guide for Solopreneurs: Self-Employed Tax Tips

Flying solo can be the ultimate business adventure. When you run your own business and you're the only employee, you truly hold all the cards and earn the freedom to achieve your ideal work-life balance. Working for yourself also brings tax advantages not available to those who work for others. It's important to understand the tax rules that apply to the self-employed to profit the most from these.

Can I Claim Medical Expenses on My Taxes?

Medical expenses can take a bite out of your budget, especially if you have unforeseen emergencies that are not fully covered by your insurance. The Internal Revenue Service allows taxpayers some relief, making some of these expenses partly tax-deductible. To take advantage of this tax deduction, you need to know what counts as a medical expense and how to claim the deduction.

What Is a 1099-G Tax Form?

The most common use of the 1099-G is to report unemployment compensation as well as any state or local income tax refunds you received that year.

Add a Comment

*0 / 3000 Character Maximum


Filter by:

Libs are trying to destroy America as we know it. They are Socialists/Communists.

December 28 2011 at 1:38 PM Report abuse rate up rate down Reply
1 reply to savemycountry911's comment

So there you sit, collecting your SS check every month. So you think the GOP is ALWAYS right and Dems are ALWAYS wrong. Just imagine if Dubya Bush and his Repub cohorts had been able to privatize SS back in 2006, and handed your account to Wallstreet. You can just see the Wallstreet boys salivating at the chance of skimming nice bonuses off the top of every SS recipient's account, for the privelege of trading those trillions. Churning the accounts to run up their take, and then crashing the entire kittenkaboodle like they did in 2009.

December 28 2011 at 2:13 PM Report abuse +1 rate up rate down Reply
1 reply to chris1011's comment

Oh, you say, private industry can do things sooo much better than the government, surely they would do a better job with your retirement accounts. Lessee, how would your investment do when invested in GM, nevermind. How about Worldcom or Enron? Arrg, nevermind.

The much vaunted private sector is not exactly immune to boneheaded decisions that have cost retirees their livelihood. Tell that to Eric Cantor next time he wants to take away your SS and Medicare and hand the money to Wallstreet.

December 28 2011 at 2:17 PM Report abuse +1 rate up rate down

I see that none of the GOP presidential clowns, er hopefuls, in Iowa are wearing flag pins on their lapels. Why do they hate America??

December 28 2011 at 1:37 PM Report abuse rate up rate down Reply
1 reply to chris1011's comment

Why do Obama and Michelle hate America? We sure give them enough money for vacation.

December 28 2011 at 1:51 PM Report abuse +1 rate up rate down Reply
1 reply to savemycountry911's comment

Bush spent 5 times as much time on vacations and cost the taxpayer 10 times as much. Why do you hate America?

December 28 2011 at 2:08 PM Report abuse rate up rate down

GOP destroys good government

Under Clinton the Head of the SEC was good and tried to remove the conflicts between auditors and Companies that led to Enron. Could not get reform thru the repub house.

Under Bush, regulatory agencies were headed by repubs who are against regulation­..The results were to be expected as with the SEC or MMS. The good people left in discuss and were replaced with the unqualifie­d. I understand that under Obama, they are cleaning up the SEC, FDA, MMS and etc, but this will take a decade to correct, and DEMs will not likely get that long before the repubs take the country down again.. It not that government is the problem, its that bad government by those who hate government­, but then want to run it is the problem.

No business would hire people to run it, that did not believe in the business, because the result would be of course failure.

December 28 2011 at 1:34 PM Report abuse rate up rate down Reply
1 reply to chris1011's comment

LOL. Libs are soooooooooooo funny.

December 28 2011 at 1:37 PM Report abuse -1 rate up rate down Reply
3 replies to savemycountry911's comment

Americans named President Barack Obama and Secretary of State Hillary Clinton as their "Most Admired Man" and "Most Admired Woman," according to a USA Today/Gallup survey released Tuesday.

Gallup asked respondents, without prompting, the man and woman whom they admired most in the world. Clinton has topped the list for the past 10 years and for a total of 16 times since 1993. Obama topped the list for the fourth time in a row. Both were mentioned by 17 percent of respondents.

Oprah Winfrey came in second among women with 7 percent mentioning her, followed by First Lady Michelle Obama, former Alaska Gov. Sarah Palin and former Secretary of State Condoleezza Rice.

In the "Most Admired Man" category, former President George W. Bush was mentioned by 3 percent of respondents, while former President Bill Clinton, Rev. Billy Graham and Warren Buffett were mentioned by 2 percent of respondents each.

Real estate mogul Donald Trump placed sixth among men, with 1 percent naming him, after last being on the list in 1990.

December 28 2011 at 1:31 PM Report abuse rate up rate down Reply

Liberals live in Bazarro World where down is up, bad is good and Obama isn't a complete disaster. Hello

December 28 2011 at 11:57 AM Report abuse +1 rate up rate down Reply

I don't know what Boehner' is saying about failed policies of the Obama administration. I am hearing good news about almost everything except what is going on in the House Of Representatives. Sure there are a lot of things that are not right in the goverment, but compared to what is going on in other countries we are starting to look good again.

December 28 2011 at 11:02 AM Report abuse -1 rate up rate down Reply
1 reply to dentonm6's comment

Good news from this admin.? Stop getting your info from looney lib sources............and no I don't watch FOX. I'm reallistic.

December 28 2011 at 11:54 AM Report abuse rate up rate down Reply

This payroll tax thing is totally misrepresented.. How is defunding social security a good thing.. Last year The bush tax cut extension was a evil thing the right pushed.. Now the Left is celebrating the bankrupting of social security.. I don't get the spin... Is the public really that stupid..

December 28 2011 at 9:04 AM Report abuse rate up rate down Reply

You guys are clueless...Here's the truth about the 60 day payroll tax cut and Obama has no clue what he just signed. SInce the average 1%ers reach their FICA limit in the first 60 days the they receive the tax cut on their annual contribution. While the 99%ers only the tax cut on the first 60 days of income. When the rate resets on day 61 the 1%ers will not pay one penny of the higher rate. Good job Doh'bama

December 27 2011 at 8:33 PM Report abuse -1 rate up rate down Reply
2 replies to Mark's comment

Why don't you run for congress? Then you can tell 'em down in Washington how to do stuff. See how that works out.

December 27 2011 at 8:50 PM Report abuse +1 rate up rate down Reply
1 reply to chris1011's comment

Hi IGreen, you fool

December 28 2011 at 11:55 AM Report abuse rate up rate down

Both Democrats and Republicans want the tax cut to extend for the whole year, they differ on how to achieve this.

House Republicans wanted the tax break to be extended for all of 2012, and had initially refused to approve a 60-day extension agreed by Democrats and Republicans in the Senate.

Republicans and Democrats disagree over how to pay for the extension of the tax break and resume negotiations in January.

Democrats favor funding the more than $100 billion price tag of the extension, which also applies to longterm unemployment aid, by raising taxes on people who make more than $1 million a year. Republicans prefer to pay for it by cutting spending.

December 27 2011 at 9:05 PM Report abuse +3 rate up rate down Reply

If the federal powers to be would get rid of redundant agency's it would reduce the federal agencies annual budget thus freeing up more capitol for all the police, firefighters, and teachers that seem to be the focal point for so many budget disputes in certain states. Big gov't creates jobs that must be supported by tax dollars.

December 27 2011 at 5:14 PM Report abuse +1 rate up rate down Reply

Gop no more wanted a year than they want to finally let the Bush tax cuts expire. Anyone remember the Senate vote? It was 89-11. Remember that. They choose, very emphatically, just to kick the can down the road. The 89-11 vote was a message to the house, but they choose initially not to get it. All the second guessers and hind sight'ers on here need a dose of reality. It is easy for Boehner or others in the Gop to play this wanted a one year game. I guess the good thing is everyone will be on the same page mid February 2012 when the Gop gets their way of passing the cut for the balance of 2012. Doubt they will get much of a battle out of the dem's if that is their goal. A great example of non-partisian cooperation. NOT, NOT, NOT, AND HAR HAR HAR. Get real blame gamers.

December 27 2011 at 4:09 PM Report abuse +2 rate up rate down Reply
1 reply to donut999's comment

You can't speak for the GOP, liberal fool. Hope and Change my foot.

December 27 2011 at 8:14 PM Report abuse -2 rate up rate down Reply