Posted: Feb 16, 2012 5:09 PM by Marnee Banks (Helena)
Updated: Feb 16, 2012 5:17 PM
Members of Congress have come up with a plan to extend payroll tax cuts through the end of this year.
U.S. Senator Max Baucus (D-MT) says the plan will put money back in the pockets of American workers.
The bipartisan legislation will continue to reduce social security taxes which are taken out of employees' paychecks.
Congress approved a temporary reduction at the end of last year.
If both Houses pass the plan, it will mean Social Security taxes will stay at 4.2% and will not go back up to 6.2%
"This all comes down to more jobs, better paying jobs. This will help about 600,000 Montana workers and make sure they get on average $1,000 a year. For Montana that is $300 million pumped into the Montana economy. So that's going to help," Baucus says.
U.S. Representative Denny Rehberg (R-MT) supports the payroll tax relief but is still looking at the details of this plan.
It is likely U.S. Senator Jon Tester (D-MT) will support the bill.