My campaign just sent out this press release. - Rich
FOR IMMEDIATE RELEASE:
RICH BECKER CALLS ON NAN HAYWORTH TO PUT MIDDLE CLASS BEFORE MILLIONAIRES
Campaign to deliver online petition to her office on Tuesday.
Rich Becker, congressional candidate in New York’s lower Hudson Valley, calls on Congresswoman Nan Hayworth to put the middle class before millionaires and vote to extend the $1,000 payroll tax cut for 10.1 Million New Yorkers without hurting seniors. Becker’s campaign has collected hundreds of signatures online from folks all across the district demanding Hayworth stop playing games with the middle class and plans to deliver them to her district office Tuesday morning.
“The difference between our priorities are clear – I support the payroll tax cut for middle class families and Congresswoman Nan Hayworth supports tax breaks for millionaires and ending Medicare,” said Rich Becker. If Congresswoman Nan Hayworth had her way, middle income families would get their $1,000 payroll tax cut only if Medicare is cut while millionaires get a free ride. That’s not right.”
160 million Americans will face a $1,000 tax increase if the payroll tax cut is not extended by December 30, 2011. Mark Zandi, chief economist at Moody’s Analytics, says that increasing the payroll tax could cost nearly 1 million American jobs and trigger another recession. The non-partisan Congressional Budget Office found that extending the payroll tax cut is more cost effective to promote economic growth and employment than more tax breaks for the ultra-wealthy.
- · Tax Increase for 10.1 Million New Yorkers. In New York, failing to pass the payroll tax cut would mean 10.1 million people would face an average of $1,000 tax increase. In 2010, a two percent point payroll tax cut was signed into law, providing an estimated $108.6 billion in tax relief to roughly 159 million workers. If Congress fails to extend this tax break, it will cost the typical American working family $1,000 per year. [Office of Tax Policy – U.S. Treasury Department, 11/30/11]
- · More Effective Than Tax Breaks for the Rich. According to the non-partisan Congressional Budget Office (CBO), it is more cost effective to promote economic growth and increase employment through reducing employees’ payroll taxes than policies that more greatly benefit those with relatively high incomes, such as the Bush tax cuts and an Alternative Minimum Tax (AMT) patch. The CBO estimated that reducing employees’ payroll taxes would raise GDP by $0.30 to $0.90 between 2010 and 2015 per every dollar spent, but a two-year AMT patch and one-year deferral of Bush tax cuts would only raise output by $0.10 to $0.40 for every dollar spent. [Congressional Budget Office, 1/10]
- · Cost Nearly 1 Million Jobs. According to the Economic Policy Institute, “The loss of the payroll tax holiday, a tax cut that reduces Social Security payroll tax for all workers, would lead to a reduction in GDP of $128 billion and roughly 972,000 fewer jobs in 2012.” [Economic Policy Institute, 8/5/11]
- · Trigger Another Recession. According to Mark Zandi, chief economist at Moody’s Analytics, failing to extend a payroll tax break into 2012 could trigger another recession. [Moody’s Analytics, 9/9/11; Reuters, 10/6/11]