On the Blog: The Payroll Tax Holiday

On the eve of Christmas eve, Congress passed a two-month extension of 2011′s “payroll tax holiday.”

What is the “payroll tax holiday” anyway? And what was all the hullabaloo about it? We reviewed the tape in a post entitled: “The Payroll Tax Holiday, Extended at the Holiday.”

Featured Item

Last week, the House and Senate passed H.R. 3765. President Obama is expected to sign the bill.

In addition to extending the payroll tax holiday for two months, passage of the bill will extend unemployment compensation, increase physician payments in the Medicare system, increase Federal Housing Administration mortgage fees and payments, and provide for presidential consideration of an oil pipeline called the Keystone XL pipeline.

Passage of H.R. 3765 will cost about $200 per U.S. family, increasing each family’s share of the national debt by about $30.

H.R. 3765
To extend the payroll tax holiday, unemployment compensation, Medicare physician payment, provide for the consideration of the Keystone XL pipeline, and for other purposes
Costs $206.04 per family

What People Think

H.R. 3765 33% For, 67% Against Vote on this Bill

Displayed below are new, updated, and passed items with their cost or savings per family.

New Items

S. 323
The First State National Historical Park Act
Costs $0.14 per family

S. 1268
The Interagency Personnel Rotation Act of 2011
Costs $0.03 per family

H.R. 3765
To extend the payroll tax holiday, unemployment compensation, Medicare physician payment, provide for the consideration of the Keystone XL pipeline, and for other purposes
Costs $206.04 per family

S. 114
The San Antonio Missions National Historical Park Boundary Expansion Act of 2011
Costs $0.07 per family

S. 264
The Natchez Trace Parkway Land Conveyance Act of 2011
Saves $0.00 per family

S. 779
The American Battlefield Protection Program Amendments Act of 2011
Costs $0.58 per family

S. 1266
The Delaware River Basin Conservation Act of 2011
Costs $0.19 per family

S. 1296
A bill to revise the boundaries of John H. Chafee Coastal Barrier Resources System Sachuest Point Unit RI-04P, Easton Beach Unit RI-05P, Almy Pond Unit RI-06, and Hazards Beach Unit RI-07 in the State of Rhode Island
Costs $0.02 per family

S. 883
A bill to authorize National Mall Liberty Fund D.C. to establish a memorial on Federal land in the District of Columbia to honor free persons and slaves who fought for independence, liberty, and justice for all during the American Revolution
Costs $0.00 per family

H.R. 205
The HEARTH Act of 2011
Costs $0.00 per family

S. 140
The Sleeping Bear Dunes National Lakeshore Conservation and Recreation Act
Costs $0.00 per family

S. 1325
The Lower Mississippi River National Historic Site Study Act of 2011
Costs $0.00 per family

H.R. 2606
The New York City Natural Gas Supply Enhancement Act
Costs $0.03 per family

S. 1478
The Minuteman Missile National Historic Site Boundary Modification Act
Costs $0.00 per family

H.R. 3521
The Expedited Line-Item Veto and Rescissions Act of 2011
Costs $0.00 per family

H.R. 3523
The Cyber Intelligence Sharing and Protection Act of 2011
Costs $0.13 per family

Updated Items

H.R. 2297
To promote the development of the Southwest waterfront in the District of Columbia, and for other purposes
Costs $0.00 per family

H.R. 3630
The Temporary Payroll Tax Cut Continuation Act of 2011
Costs $209.21 per family

Passed Items

P.L. 112-67
Making further continuing appropriations for fiscal year 2012, and for other purposes

P.L. 112-68
Making further continuing appropriations for fiscal year 2012, and for other purposes

P.L. 112-69
The Fort Pulaski National Monument Lease Authorization Act
Costs $0.00 per family

P.L. 112-70
The Box Elder Utah Land Conveyance Act
Costs $0.00 per family

P.L. 112-71
A joint resolution to grant the consent of Congress to an amendment to the compact between the States of Missouri and Illinois providing that bonds issued by the Bi-State Development Agency may mature in not to exceed 40 years

P.L. 112-72
The Hoover Power Allocation Act of 2011
Costs $0.00 per family

P.L. 112-73
The Civilian Service Recognition Act of 2011
Costs $0.00 per family