Many economists say Obama jobs plan will help

Many economists say Obama jobs plan will help

Obama would renew the tax cut for a year and deepen it: He would drop workers' Social Security tax to 3.1%.

Under his bigger tax cut, an extra $1,550 would go to taxpayers earning $50,000 a year. The Social Security tax is imposed on the first $106,800 of taxable income. That means the maximum savings would be about $3,300 for an individual and $6,600 for a couple.

Obama would also cut in half Social Security taxes for businesses whose payrolls are $5 million or less. The White House says that would include 98% of U.S. businesses.