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Among other measures, the act reduced the payroll taxes (social security and Medicare) withheld from workers paychecks from 6.2% to 4.2% for all of 2011. This tax cut a¤ected nearly 155 million workers in the US totaling to an increase of around $112 billion in 2011 paychecks.
payroll taxes for Social Security withheld from workers’ paychecks from 6.2 per-cent to 4.2 percent for all of 2011 without any change in future benefits. This tax cut replaced the Making Work Pay credit of the American Recovery and Reinvestment Act of 2009, which expired at the end of 2010. The payroll tax cut affected nearly 155million workers.
The President signed into law a 2 percentage point payroll tax cut for 2011 that is providing: A tax cut of about $1,000 for the typical American working family in 2011. A total of $109 billion in tax relief to support economic growth and job creation in 2011.
Tax Cuts for 159 Million Workers: As a result of the payroll tax cut, some 159 million working Americans are expected to receive larger paychecks this year than they would otherwise. An Average Tax Cut of $695 Per Worker: The expected benefit received from the payroll tax cut is an average of $695 per worker.
20 gru 2011 · Since many of them will earn more than $18,350 in the first two months of the year, payroll systems will need to be programmed to withhold their Social Security taxes first at 4.2%, then at...
This paper presents new survey evidence on workers? response to the 2011 payroll tax cuts. While workers intended to spend 10 to 18 percent of their tax-cut income, they reported actually spending 28 to 43 percent of the funds.
This paper investigates workers' spending response to the 2011 payroll tax cuts. Respondents were surveyed at the beginning and end of 2011, which allows the comparison of ex ante and ex post reported use of the extra income.
