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Payroll Tax Holiday

Date: 
December 17, 2010
Who: 
Policy Area: 
Economic Target: 
Action Type: 
Maximum Amount: 
$111.65 billion
Deficit Impact: 
$111.65 billion

The tax cut package included a one-year payroll tax cut of two percentage points on the employee side of the FICA tax, reducing the tax for employees from 6.2 percent to 4.2 percent.

Source: 

CBO Cost Estimate

Notes: 

Maximum amount and deficit impact represent the peak and net cost of this provision--which are the same--from 2011-2020.

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