NEW YORK ( TheStreet) -- Congress acted just in time, literally, in passing the American Taxpayer Relief Act of 2012. As a result, the Internal Revenue Service has been able to release updated income tax withholding tables for 2013 that will apply to the first paychecks issued in the New Year.ATRA extended the various tax benefits that had expired Dec. 31 -- with one exception. Noticeably missing from the legislation was an extension of the 2% reduction of the employee's share of Social Security Tax withholding and the corresponding reduction in the Self-Employment Tax. This 2% reduction in payroll tax withholding for 2011 and last year was the latest incarnation of George W. Bush's disastrous rebate checks.
Everyone Got a 2% Cut in Pay
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