Barack Obama in an attempt to reinvigorate his presidency and the economy has presented to the congress a jobs plan. The $450 billion price tag is larger-than-expected. The plan proposes to reduce payroll tax paid by employees to 3.1% in 2012 from the 4.2% level temporarily introduced this year. As it stands now, without this plan, this tax would revert to its traditional rate of 6.2%. The plan will also reduce the payroll tax paid by the employers from 6.2% to 3.1%, with a limit of the first $5m of wages. Further employers hiring new workers or increased salaries will