Tags: Payroll Tax | Glance

Highlights of Payroll Tax-jobless Benefits Bill

Friday, 23 Dec 2011 12:01 PM

 

Key features of payroll tax and jobless benefits bill passed Friday by the House and Senate:

—Retains through Feb. 29 the current 4.2 percent rate for Social Security payroll taxes paid by 160 million workers, instead of letting the rate rise to 6.2 percent on Jan. 1.

—Renews federal benefits averaging $300 a week for the long-term unemployed through Feb. 29.

—Prevents 27 percent cut in Medicare payments to doctors; extends other health care fees through Feb. 29.

—Requires President Barack Obama to approve construction of the Keystone XL oil pipeline from Canada to Texas within 60 days unless he declares the project would not serve the national interest.

—Price tag of $33 billion. Paid for by increasing home loan guarantee fees charged to mortgage lenders by Fannie Mae, Freddie Mac and the Federal Housing Administration by one-tenth of 1 percentage point. The fee is passed on to home buyers and will apply to many new purchases and refinancings starting Jan. 1. For a $200,000 mortgage, the fee increases a borrower's cost by about $17 a month.

—Requires House and Senate leaders in both parties to name negotiators to work on a bill extending the payroll tax cut for a year, extend federal jobless benefits for the long-term unemployed and keep Medicare payments to doctors at their current level.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Charlie Hebdo Survivor: Glad Obama Didn't Come to Paris

Sunday, 25 Jan 2015 22:56 PM

Laurent Leger, a Charlie Hebdo staff member who survived the attack that killed several of his co-workers earlier this m . . .

Will Ron Paul's Views Hurt Rand Paul's Presidential Ambitions?

Sunday, 25 Jan 2015 22:25 PM

Former Texas Rep. Ron Paul, who has run for president three times as a Libertarian and as a Republican, was never more t . . .

WH Chief of Staff Accidentally Reveals American ISIS Hostage's First Name

Sunday, 25 Jan 2015 21:07 PM

White House Chief of Staff Denis McDonough accidentally revealed the first name of an American woman being held by the I . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved