Taxes and Finance
Senator Casey realizes the great challenges our nation faces as our economy rebuilds from the Great Recession. Therefore he is committed to making legislative decisions that benefit hardworking American families that have struggled during these economic hardships. Senator Casey is fully supportive of critical tax cuts that put more money back in the pockets of Americans and promote hiring.
Providing Tax Credits to Boost our Economy
Senator Casey was one of the first Senators to propose a tax credit aimed at encouraging employers to hire workers. A similar proposal based on this idea, the HIRE Act tax credit was eventually signed into law. An estimated 8.1 million workers who had been unemployed for eight weeks or more were hired by employers eligible for the HIRE payroll tax exemption between February and August of 2010.
As a member of the Payroll Tax Credit Conference Committee, Senator Casey worked on a bipartisan solution to extend the vital tax cuts for the rest of 2012. This tax credit provides an immediate increase in workers’ take home pay by reducing payroll taxes by two percentage points. This extension will save the average American family nearly $1,000 this year.
Senator Casey called for an extension of the expanded Child Tax Credit and the reduction in the EITC marriage penalty that helps working families and 18 million children nationwide. The Child Tax Credit provides a tax relief of up to $1,000 per child.