President Obama is scheduled to travel to New Hampshire today to urge lawmakers to extend and expand the payroll tax cut, a key provision of his $447 billion jobs bill.
“If Congress fails to extend the current payroll tax cut, taxes will go up on millions of people at a time when families are struggling to make ends meet,” a White House official said.
The president’s proposal would provide a tax cut for 160 million workers by increasing the payroll tax cut from 2.0 percent to 3.1 percent, “providing a significant boost to consumers and the economy,” according to the White House.
The plan would also cut payroll taxes nearly in half for small businesses, from 6.1 to 3.1 percent, on the first $5 million in wages for employers and provide a payroll tax holiday on any increase in payroll for firms that hire new workers or increase wages.
“With the holiday season approaching, the president will urge Congress to act not just to ensure that taxes don’t go up on middle class families at the beginning of the year, but also to cut taxes for families and small businesses in the American Jobs Act to help strengthen the recovery and create jobs now,” the official said.
In a speech he is scheduled to deliver in Manchester, N.H., the president will also unveil a new web tool that will allow Americans to see how much money they could save if Congress passes the jobs act and how much their taxes will go up if Congress fails to act.
The president will also meet with a local family before delivering remarks at Manchester High School Central.