President Obama Signs Bill to Extend Payroll Tax Cut

Legislation to extend a two percentage point cut on the employee side of the payroll tax through the end of 2012 was signed Feb. 22 by President Obama. The Middle Class Tax Relief and Job Creation Act (H.R. 3630), which was approved Feb. 17 by the House and Senate, also extends federal unemployment insurance benefits and prevents a scheduled cut in payments to Medicare providers from occurring for the rest of 2012.