President Obama Signs Payroll Tax Extension
President Barack Obama signs the Payroll Tax Cut Extension in the Oval Office, Feb. 22, 2012
On Wednesday, February 22, 2012, the President signed into law: H.R. 3630, the “Middle Class Tax Relief and Job Creation Act of 2012,” which extends through December 31, 2012: (1) a reduction in employment tax rates for employees and the self-employed: (2) an initial eligibility for emergency unemployment compensation and 100 percent Federal funding for extended unemployment insurance benefits: and (3) a Medicare physician payment update delaying a rate reduction for physician services. Also extends assistance for needy families through September 30, 2012.