Wednesday, November 30, 2011

Obama: Payroll Tax Cuts Equal to Half-a-Billion in Idaho

Posted By on Wed, Nov 30, 2011 at 10:06 AM

The White House, in an effort to push Congress to extend the payroll tax cut, unveiled a new report from the U.S. Treasury Department that indicates approximately 800,000 Idahoans would be affected.

According to the report, the 2.0 percent cut in employee payroll taxes would translate to approximately half-a-billion dollars to Idahoans, and more than $109 billion in tax relief nationwide. For a family with wages or salaries of $50,000 per year, the approximate median household income, the payroll tax cut equals $1,000.

If President Barack Obama had his druthers, Congress would take the tax cut a step further and pass his proposed American Jobs Act that would boost the payroll tax cut to 3.1 percent, which would translate to approximately $1,550 for a typical household.

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