WASHINGTON, D.C. – In anticipation of the second meeting of the Payroll Tax Cut Conference Committee, the U.S. Congress Joint Economic Committee (JEC), Chaired by Senator Bob Casey (D-PA), released a new report detailing how much money would stay in the pocket of one- and two-earner families at a county-level based on median wage and salary income per worker.
The report entitled, “Keeping More Money in the Pockets of American Families: County-Level Data of Savings by Extending the Payroll Tax Cut,” illustrates the impact on a family that consists of two earners who make the median wage and salary within the county. The report includes a county-by-county breakdown of the additional take-home pay one- and two-earner households will receive if the payroll tax is extended through the end of 2012.
“As we prepare for the next meeting of the payroll conference committee, this report underscores the need to get this done,” said Chairman Casey. “The payroll tax cut helps middle class families buy groceries, gas and other goods – which in turn helps to bolster the recovery. I remain committed to reaching a bipartisan compromise that protects working families and provides more take-home pay for 160 million Americans.”
Many economists have observed that failing to extend the payroll tax cut would slow economic growth this year and cost the economy jobs. This report details how much more money the average American family would keep in their pockets for the remainder of 2012 if the Payroll Tax Cut is extended.
Last week, the JEC also released a report highlighting the critical role the payroll tax cut and unemployment insurance benefits play in sustaining the economic recovery. The report entitled, “How Continuing the Payroll Tax Cut and Federal UI Benefits Will Help American Families and Support the Recovery,” shows that failure to extend the payroll tax cut and unemployment benefits through the end of 2012 would hinder the nation’s economic recovery in wake of the recession.
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