Will Employers Get a Payroll Holiday?
Senator Rob Portman, a Republican from Ohio, introduced Senate Bill 12 which would offer a temporary employer payroll tax cut. The Portman bill proposes a one-year, 2 percentage-point reduction in the payroll taxes paid by employers. Portman contends that such a payroll holiday would be a job-creation device.
Businesses should closely monitor this legislation because of the potential cost savings associated with it and compliance issues.