Report: NJ Workers Saved Most Money From Temporary Payroll Tax Cut
TRENTON, N.J. (AP) — White House figures show workers in New Jersey benefited the most from a temporary cut in payroll taxes.
An analysis shows the average worker in New Jersey saved about $872, or 22 percent more than the national average because the state has some of the nation’s highest paid workers. The cut is determined by income.
The Record newspaper reports the cut reduced the amount withheld for Social Security and Medicare to allow 4.7 million people in New Jersey to take home an extra $4.1 billion.
President Barack Obama wants Congress to extend and increase the tax cut. However, Democrats and Republicans can’t agree on how to pay for it.
The White House says a higher reduction would allow 4.8 million people in New Jersey to save $1,395 each.
What do you think of tax cuts or hikes? Sound off in our comments section below…
(Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)