Hagan supports Middle Class Tax Cut Act
United States Senator Kay R. Hagan (NC) recently announced her support for the Middle Class Tax Cut Act that would extend and expand the payroll tax cut for middle class families and small business owners.
The current payroll tax cut, which reduced the percentage of Social Security taxes deducted from Americans’ wages from 6.2 percent to 4.2 percent, is set to expire at the end of 2011 if Congress does not act. Failure to extend the payroll tax cut would increase the tax burden on approximately 4.7 million people in North Carolina who benefit from the current reduction. An expiration of this tax cut would cost the average American family $1,000.
“Hardworking families are struggling to make ends meet, and the Middle Class Tax Cut Act would put money in families’ wallets at a time when every penny counts,” said Hagan. “This bill would not only extend the tax cut for our middle class families, but it would expand it as well. As economic growth continues to lag, it is imperative that Democrats and Republicans come together to pass commonsense initiatives that put money into the hands of our families and small business owners.”
In North Carolina, the extension and expansion of the payroll tax cut would mean a savings of $1,356 for a family earning the median income of approximately $43,000. Workers would see just 3.1 percent of their pay deducted in Social Security taxes next year. The Middle Class Tax Cut Act also provides an important and badly-needed boost to small businesses. It cuts in half – from 6.2 percent to 3.1 percent the employer-side of Social Security payroll taxes for employers on the first $5 million in wages. This would benefit 170,000 North Carolina employers.
“Jobs are my number one priority. Pumping money back into our economy and building an environment for businesses to grow and create jobs is critically important. A payroll tax cut for our small businesses would mean more money to hire workers and grow their companies,” added Hagan, who sits on the Senate Small Business Committee.
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