New Jobs Bill – payroll tax exemption

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The Senate passed a bill that would grant employers an exemption from the 6.2% Social Security payroll contribution for every new employee hired through the rest of the year as long as that employee had been out of work for atleast 60 days.  An additional $1,000 income tax credit would be allowed for every new employee kept on the payroll for 52weeks.

The president is expected to sign the bill.

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