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Obama doubles down on expanded payroll tax cut

President Barack Obama is doubling down on a payroll tax cut for workers and small businesses, hoping it will do more to revive the job market than a smaller version has done this year.

By Stephen Ohlemacher | Updated on September 08, 2011
President Barack Obama delivers a speech to a joint session of Congress at the Capitol in Washington, Thursday, Sept. 8, 2011. (AP Photo/Kevin Lamarque, POOL)

WASHINGTON (AP) — President Barack Obama is doubling down on a payroll tax cut for workers and small businesses, hoping it will do more to revive the job market than a smaller version has done this year.

Obama wants to extend and expand a payroll tax cut that is scheduled to expire at the end of the year. The current tax cut, which applies only to workers, reduces Social Security taxes from 6.2 percent to 4.2 percent. Employers still pay the 6.2 percent rate, which is applied to wages up to $106,800.

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