Queens Families Could Save More Than $1,000 If Payroll Tax Cut Extended for Full Year
Queens, NY – Today, U.S. Rep. Carolyn Maloney (D-Queens, Manhattan) urged the passage of a full-year extension of President Obama’s payroll tax cut. This measure, which would cut an employee’s share of payroll taxes from 6.2 to 4.2 percent, would save each Queens worker an average of $531 over the next year – a tax cut of $1062 for a typical, two-wage-earner family. The House-Senate Joint Economic Committee, of which Maloney is a member and former chair, released a report today outlining the county-by-county benefits of a full-year payroll tax cut.
A Congressional conference committee is currently working on a compromise bill to extend the payroll tax cut, which Congress originally passed in 2010 and was extended for two months in December.
“There are a great many Queens families who could really use an extra $1,062 in their pockets this year – and they shouldn’t have to wait any longer for a full-year extension of the President’s payroll tax cut. In addition, we need to provide an extension of unemployment benefits and give doctors who serve Medicare patients the reassurance of a ‘doc fix’ that prevents a huge cut in their revenues.
“It’s time for Congress to get moving and finally address these issues, which are among the most important to the American people,” said Maloney.