International Falls Journal: Franken releases report on payroll tax cut extension, expansion
U.S. Sen. Al Franken Tuesday released a report showing that families all over Minnesota would significantly benefit from an additional cut in the national payroll tax, which the Senate will vote on later this week.
“Families all over Minnesota are still struggling to make ends meet and this important tax cut has helped them make mortgage payments, pay medical bills, and put food on the table,” said Franken, D-Minn. “This report shows how important it is that we extend this tax cut and put money back in the pockets of working Minnesotans so they can spend it at local businesses, create jobs, and grow our economy.”
If the payroll tax cut is not extended by the end of 2011, the average Minnesota family will pay an additional $1,112 in payroll taxes next year. The payroll tax cut passed by Congress last year saved the average Minnesota family $1,112 in 2011, and the increased cut proposed by President Obama would save the average Minnesota family $1,724 in 2012 — an increase of fifty-five percent.