Business

Obama administration considering employer payroll tax break

interns Contributor
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President Barack Obama’s advisers have discussed seeking a temporary cut in the payroll taxes businesses pay on wages amid economic reports suggesting the recovery is slowing, according to people familiar with the matter.

The idea, in preliminary stages of discussion, is among several being debated in the administration with the aim of boosting hiring, the people said on condition of anonymity to discuss internal deliberations. The unemployment rate in May rose to 9.1 percent, the highest level this year, and the economy is a main focus of the political discussion in Washington.

The talks reflect the political constraints the White House is operating under with the Republican majority in the U.S. House pushing to cut federal spending.

Full story: Obama Team Eyes Payroll Tax Break for Employers – Bloomberg