Unemployment Extension Act of 2010

Posted: December 17th, 2010 | Author: admin | Filed under: Uncategorized | Tags: , , | 219 Comments »

Unemployment extension update today – President Obama signed a bill into law today that extends the unemployment extensions discussed on this website by another 13 months, to the end of 2011. While the majority of the $858 billion bill will go towards tax cuts, it continues extended unemployment at current levels, and is also expected to drop the unemployment rate by a minimum of half a percent over the next year.

Those who are working at least part time will also benefit from a temporary cut in the social security deduction, from 6.2% to 4.2% of salary; the social security tax will be restored to normal levels in 2012.