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Like a Breath of Fresh Air — Major Tax Cuts Proposed for Businesses that Hire!

On Thursday, February 4, 2010, Senators Schumer (D-NY) and Hatch (R-UT) introduced the Hire Now Tax Cut Act of 2010 (S 2983) with significant bi-partisan support.  Pursuant to the legislation, any employer that hires a worker who has been without full-time work for at least sixty (60) days would be exempt from paying the employer’s share of the 2010 Social Security taxes on that worker.  Another major benefit to employers would be that the benefit to the employer would increase the longer the employee remains working and receiving wages, up to the maximum Social Security wage of $106,800.

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