WASHINGTON (AP) — The administration says Americans will start seeing the benefits of the payroll tax cut that President Barack Obama signed into law in their paychecks starting Friday.
Treasury Secretary Timothy Geithner says the 2 percent decrease in the payroll tax will benefit more than 150 million families. He says the average worker will see take-home pay increase by about $700 a year as a result.
The White House says the cuts will provide a boost to the economy and job growth this year.
The tax cut was included in a deal Obama struck with Republicans to extend Bush-era income tax cuts for all workers. An extension of unemployment benefits was also included in the deal.
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