Obama to Seek New Payroll Tax Cut for Small Businesses
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President Barack Obama will propose cutting payroll taxes for small businesses as part of a more than $300 billion plan to re-ignite the economy and spur hiring, according to an administration memo obtained by Bloomberg News.
The business tax cut will be part of a package of measures Obama will lay out in a speech to Congress tonight, along with assistance for the long-term unemployed, spending for building roads and bridges and repairing schools, and aid to states to keep teachers and emergency workers on the job.