How Much Would the Payroll Tax Cut Save You?

LANSING — Continuing the effort to help put more money into the pockets of the middle class, the Obama-Biden campaign has released a new online calculator that computes what an extension and expansion of the payroll tax cut would mean for American families.

View the calculator at: http://www.barackobama.com/tax-calculator

“Last year President Obama lowered the payroll tax so middle class families could keep more of what they earn. And now as the President continues his fight for the middle class, Republicans have blocked the extension in order to protect millionaires and billionaires from having to chip in a little bit more,” Michigan Democratic Party Chair Mark Brewer said. “The President understands we need to continue to growing our economy and restoring security for the middle class, giving Michigan families more money to put food on the table, buy books for college, or pay their mortgage.”

Under President Obama’s plan, the typical middle class family would save $1,500 a year in taxes. The plan also provides incentives for nearly six million small businesses to grow and hire new workers.

This is in stark contrast to a plan from Mitt Romney, which overwhelmingly favors the wealthiest Americans. Almost half of the money he’d put back into Americans’ pockets each year would go to the wealthiest 1%.

“Mitt Romney has had plenty of trouble standing for what he believes in but he has been consistent on one important issue, his commitment to helping the rich and leaving the middle class on their own,” Brewer said. “Mitt Romney, who said ‘let Detroit go bankrupt,’ is now willing to deny hard working Michigan families a $1,500 tax cut, calling it a ‘little band-aid.’ He’s not only out of touch with the middle class but he’s out of touch with the people of Michigan.”

“This is a time when we need strong leaders with a clear plan for how to put Americans back to work, restore middle-class security and create a fairer economy where hard work pays off,” Brewer continued. “Mitt Romney and the Republicans running for President simply have nothing to offer – especially not here in Michigan.”