Payroll Tax Cut Extension Will Support Small Business Growth (Huffington Post)

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Payroll Tax Cut Extension Will Support Small Business Growth (Huffington Post)

I think we can all agree that the tax code could be more fair for Americans who want to start their own small business. It's one of the pillars of the national self-employment initiative that I have been urging policymakers to adopt. One of the key components of President Obama's American Jobs Act is a further extension of last year's payroll tax cut for employees. In 2011, the employee FICA contribution stands at 4.2 percent, a cut of 2 percent. The President's proposal would cut the employee contribution even further to just 3.1 percent. Employers would also see their contribution halved to 3.1 percent. For the nation's over 22 million self-employed business owners, extending the payroll tax cut to employers is a big deal because they pay both the employee and employer portions of the FICA contribution. By extending the payroll tax cut to employers, the self-employed will see their overall tax liability decrease in the short-term, which will help these businesses generate growth for the long-term.

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