Sources: White House Mulling Tax Cut

Election gimmicks? The White House is reportedly mulling a new tax cut that would replace the payroll tax cut when it expires, sources close to the administration said. The Obama administration is reportedly worried about the state of the economy, and hopes that a stimulus that would boost Americans’ take-home pay would help. If approved, the new tax cut would provide hundreds of dollars more per year to workers, similar to tax cuts received in 2009 and 2010, which provided up to $400 for single people and $800 for married couples. Any new tax cut would require approval by Congress—after the election.