Tax Cut Extension Supports Small Business

President Obama's American Jobs Act will cut employer and employee's tax contributions from 4.2 percent to just 3.1 percent.

For the 22 million small businesses, this tax relief will allow both the employers and employees to be paid portions of the FICA contribution. The employer will see their tax liability decrease, which will help small businesses grow long-term.
The tax relief will extend to four different types of business structures: sole proprietorship, partnership, corporation and Limited Liability Company. Each structure pays the same amount in FICA taxes, and each has certain advantages and disadvantages.

 Millions of businesses will generate economic activity and help the economy return to prosperity from the tax relief.

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