Tax

Highlights of payroll tax, jobless benefits bill

AP News
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Posted: Dec 17, 2011 1:46 PM
Highlights of payroll tax, jobless benefits bill

Highlights of legislation renewing payroll tax cuts, jobless benefits:

_Extends 2-percentage-point cut in the Social Security payroll tax through Feb. 29. Cost: $20.4 billion.

_Renews jobless benefits for the long-term unemployed through Feb. 29. Cost: $8.4 billion.

_Prevents 27 percent cut in Medicare payments to doctors and extends miscellaneous health policies through Feb. 29. Cost: $4.1 billion.

_Increases home loan guarantee fees charged to mortgage lenders by Fannie Mae, Freddie Mac and the Federal Housing Administration by one-tenth of 1 percentage point. Raises $35.7 billion over 10 years.

_Requires President Barack Obama to approve the Keystone XL oil pipeline within 60 days unless he declares the project would not serve the national interest.