Middle-class tax cut may come soon
by TedNEW YORK (Full article @ CNNMoney.com) — Remember all the talk during the presidential campaign about a middle-class tax cut? It could be showing up in your paycheck early next year.
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“Under the Obama payroll tax credit, payroll and other accounting software would have to be recoded and implemented across many businesses,” said Zandi, chief economist for Moody’s Economy.com.
“A payroll tax credit would provide more of a spending boost since it is a permanent change in the tax code,” Zandi said. “Households are more likely to spend a tax cut if it is the result of a permanent change rather than a temporary one.”
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