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Payroll Tax Cut Extensions Passed By Congress

After over a week of what appeared to be political theater; with Congress approved a payroll tax cut extension, then rescinding that approval, the House has finally decided to vote in favor of a two-month temporary extension.

The extension will last until February 2012, giving Congress time to work on a bill to extend the payroll tax cut extensions for a year. The bill passed unanimously in both the House and Senate. President Obama is expected to sign the bill today.

The payroll tax cut extension, are expected to allow the average working American to keep $40 from each period. In addition, unemployment benefits will also continue to be extended for those who’ve experienced long-term unemployment.

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