Rep. Eshoo Releases Report of Effects on Constituents from Extension of Payroll Tax Cut

Press Release

Today, Rep. Anna G. Eshoo (D-Palo Alto) released findings from the Joint Economic Committee (JEC) detailing how much money would stay in the pocket of workers and families in California's 14th Congressional District if Congress extends the payroll tax cut. Currently, the Payroll Tax Cut Conference Committee is meeting to discuss legislation designed to help boost the financial security of American families and workers.

Specifically, the report estimates that the average family with two workers in San Mateo County would keep $1,423 more this year; in Santa Clara County $1,429; and in Santa Cruz County $925. The JEC report also indicates that the average family in California would keep an additional $1,042.

"This report underscores how important it is for Congress to extend the payroll tax cut for ordinary Americans," said Rep. Eshoo. "One thousand dollars will go a long way to help families pay their bills and put food on the table. Congress can and should reach a bipartisan compromise to extend this vital payroll tax holiday for 2012, providing families with an essential injection of cash."

The JEC report entitled, "Keeping More Money in the Pockets of American Families: County-Level Data of Savings by Extending the Payroll Tax Cut," illustrates the impact on a family that consists of two earners who make the median wage and salary within the county. The report includes a county-by-county breakdown of the additional take-home pay of one and two-earner households if the payroll tax is extended through 2012.

Many economists have observed that failing to extend the payroll tax cut would slow economic growth this year and cost the economy jobs. This report details how much more money the average American family would keep in their pockets for the remainder of 2012 if the payroll tax cut is extended.

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