Obama administration: Payroll tax credit will help boost job creation

President Barack Obama said Friday he is “not going to let it go” with the expiration of the payroll tax credit, which gives people who earn $250,000 or more an additional $1,000 per month in tax credits.

The tax credit expired on Jan. 1, 2016.

“I’m not going to begrudge anyone who’s working their tail off, but if we’re going to create a lot of jobs, we’re not going have to take a tax cut,” Obama said at a White House press conference.

“We’re going take an economic recovery that’s going to lead to jobs and opportunity.”

Obama, who is in Florida for a conference on infrastructure and the economy, said the tax credit is helping to boost job growth, but also the economy has to compete for the people who need help.

“The only way we’re gonna create jobs is if we put people back to work,” he said.

The president, who had previously said the payroll credit will expire in 2020, also suggested that the payroll taxes will not be phased out in the coming years.

The payroll tax has been a cornerstone of Obama’s economic agenda.

The administration estimates the tax cut will cost $5.4 trillion over the next decade.

The White House said Friday that the credit is one of the largest pieces of Obama-era tax legislation, but it is not clear how much of the tax relief is offset by other changes.

“Tax reform will also help pay down our $1.4-trillion national debt,” Obama added.

Obama has said the administration is working on proposals that will “strengthen” the tax code.

He has also said he will seek a $1 trillion spending plan to fund the government, which would include tax cuts for the middle class and a higher minimum wage.

The unemployment rate fell to 6.9% in January, its lowest level since the end of the Great Recession.

The economy is projected to grow by 3.7% in the second quarter, the Labor Department said Friday.