We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 26, 2010.
Amends the Internal Revenue Code to reduce in 2010: (1) the employment tax rate from 6.2 to 3.1% for employers and employees; and (2) the tax rate on self-employment income from 12.4 to 6.2%.
Appropriates to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Trust Fund sufficient amounts to cover any revenue lost to such Trust Funds from the enactment of this Act.
