Tuesday, January 31, 2012

Casey discusses payroll tax extension

U.S. Sen. Bob Casey, D-Pa., chairman of the U.S. Congress Joint Economic Committee, released a report Tuesday which detailed the benefits of extending the payroll tax cut until the end of the year.

The report, “Keeping More Money in the Pockets of American Families: County-Level Data of Savings by Extending the Payroll Tax Cut,” includes a county-by-county breakdown of what families across the country would receive if the payroll tax is extended until the end of the year.

In Delaware County, the median annual wage is estimated to be about $34,217, according to the report. If the payroll tax is extended until the end of the year, a household with one earner would receive an additional $570 for the remainder of the year; a two-earner household would receive an additional $1141 for the remainder of the year.

In Pennsylvania, the median annual wage is estimated to be about $29,618, according to the report. If the payroll tax is extended until the end of the year, a household with one earner would receive an additional $494 for the remainder of the year; a two-earner household would receive an additional $987 for the remainder of the year.

2 Comments:

Blogger CharlieSix said...

Senator Casey's announcement is great news for wage earners. Temporarily. What the Senator does not recognize, however, is the long-term impact of the payroll tax cut. The fact is that the "payroll tax cut" which will provide the abovehereinbefore allged additional $494 for the remainder of the year will mean that the Social Security Trust Fund will not get that $494. Multiplied by the millions of individuals who will receive the tax benefit it means the SSTF will bet millions times less than if the so-called tax cut hadn't taken place. Senator Casey surely must be aware of the very serious situation which the Social Security Trust Funds face. So why does he not tell his constituents that their tax cut today will further jeopardize their future Social Security benefits? As it was in the beginning so it shall ever be: From a politician's mouth it sounds good. But from a constituent's long-term benefit, it really, really stinks.

January 31, 2012 at 7:07 PM 
Blogger Danielle Lynch said...

Charlie, thank you for weighing in. It's always good to hear another side of the story.

February 1, 2012 at 10:17 AM 

Post a Comment

Subscribe to Post Comments [Atom]

<< Home