Tags: Obama | House | contractor | tax | repeal

White House Backs GOP Bill on Contractor Tax Repeal

Wednesday, 26 Oct 2011 12:55 PM

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Who says the White House and House Republicans can’t find areas of agreement? The White House announced Tuesday that it supports a Republican bill in the House calling for repeal of a tax that both sides see as hampering hiring, The Hill reports.

The proposal eliminates a requirement that the federal government withhold 3 percent of payments to contractors as a down payment on future taxes. The law was designed to deter tax evasion, but has been delayed multiple times amid concern of its negative impact on the economy. In his jobs plan released last month, President Barack Obama proposed delaying the withholding tax for another year.

Rep. Wally Herger, R-Calif., is sponsoring the repeal bill. A White House statement said the legislation “would reduce a burden on government contractors who otherwise comply with their tax obligations, particularly small businesses.”

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