Detailed Summary

Amends the Internal Revenue Code to: (1) reduce to 0% the employment tax on employers, employees, and self-employed individuals in the first full two-month period after the enactment of this Act; and (2) exclude from gross income any wage and self-employment income earned during the same period .

Amends the Emergency Economic Stabilization Act of 2008 to repeal procedures for authorizing the Secretary of the Treasury to obligate additional amounts under the Troubled Asset Relief Program (TARP).

Requires the Secretary to: (1) estimate the impact of this Act on the income and balances of the social security trust funds; and (2) transfer amounts from the Treasury to such trust funds if there is any reduction in the income and balances of such trust funds resulting from this Act.

Terminates the authority of the Secretary under the Emergency Economic Stabilization Act of 2008 to purchase troubled assets or any preferred or other stock or equity in any financial institution.

Status of the Legislation

Latest Major Action: 1/6/2009: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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