President Obama proposes expanded payroll tax relief, extended 100-percent expensing; will propose offsetting deficit reduction measures

Washington National Tax Services

President Barack Obama last night proposed a $447 billion "American Jobs Act" that includes expanded employee payroll tax relief for 2012 and new proposals to reduce the employer share of certain payroll taxes. The President told Congress that he will soon submit a detailed deficit reduction plan to the Joint Select Committee on Deficit Reduction that will propose sufficient additional savings to offset fully the cost of his jobs package.

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