The one-year payroll tax reduction would take the place of a two-year extension of the Making Work Pay credit.
Last year, Congress voted in a payroll tax holiday to replace the expiring Making Work Pay Credit.
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The payroll tax holiday was meant to last only one year and take the place of the Making Work Pay Credit.
While Washington seems obsessed with the fate of the Bush tax cuts, it has paid little attention to a soon-to-expire Obama tax cut: the Making Work Pay credit (MWP).
The Making Work Pay Credit, which also applied to earned income, was authorized under the American Recovery and Reinvestment Act of 2009 and was expected to be a temporary cut.
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As Congress is fond of doing, apparently so that they can fight over it every year, that tax provision, like the Making Work Pay Credit, was limited and is set to expire on December 31, 2011.
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According to the Treasury Department's inspector general for tax administration, 15.4 million taxpayers may unexpectedly owe Uncle Sam money for tax year 2009 because in connection with the Making Work Pay Credit, enacted as part of last year's stimulus bill, Congress ordered withholding rates reduced.
Since President Obama took office in 2009, eligibility for Medicaid, food stamps, the earned income tax credit, the making work pay tax credit, and unemployment benefits has increased by roughly 10 million.
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For most Americans, this Making Work Pay tax credit began showing up in your paychecks last April.
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Thanks to the Recovery Act, 110 million working families received a tax cut through the Making Work Pay tax credit.
In an effort to get cash to the rest of the country, ARRA offered taxpayers a tax break called the Making Work Pay Tax Credit.
However, New Jersey gives people who work in Philadelphia and pay its 3.4985% nonresident wage tax a credit on their New Jersey return.
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The disappearing jobs are concentrated in the lower third of the pay range, though the field work was done before the onset of the credit crisis, so it precedes recent job losses in the housing and financial services industries.
Mr Duncan Smith is leading an overhaul of the welfare system that will see a number of benefits replaced by a new universal credit that is designed, he says, "to make work pay at each and every hour".
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It contains information on where you work and live, credit accounts that have been opened in your name, and how you pay your bills.
However, she warned that changes introduced under the Universal Credit system would not help the poorest "strivers" for whom "work doesn't pay".
Earlier reports have said that the University of Washington is planning to offer credit for Coursera courses, though students will likely have to pay a fee and do extra work with a U. of W. instructor.
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