- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on FinanceIntroducedJanuary 26th, 2010
- senate Committees
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A bill to amend the Internal Revenue Code of 1986 to temporarily reduce payroll taxes of employees and employers by one-half, and for other purposes.
Amends the Internal Revenue Code to reduce in 2010: (1) the employment tax rate from 6.2 to 3.1% for employers and employees; and (2) the tax rate on self-employment income from 12.4 to 6.2%. Appropriates to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Trust Fund sufficient amounts to cover any revenue lost to such Trust Funds from the enactment of this Act.