Payroll Tax Holiday
Date:
December 17, 2010
Who:
IRS
Who:
Various Agencies
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Tax Break
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:
Notes:
Maximum amount and deficit impact represent the peak and net cost of this provision--which are the same--from 2011-2020.