Durbin: Both Parties Must Work Together to Prevent Looming Tax Increase on Working Families
Without compromise, average Illinois family will see their taxes increase by more than $1,000 this year
[WASHINGTON, D.C.] - With last year’s bipartisan payroll tax cut extension compromise set to expire at the end of this month, U.S. Senator Dick Durbin (D-IL) today detailed the additional take-home pay that Illinois workers and families can expect if Congressional negotiators reach an agreement to extend the Middle Class Tax Cut Act through the end of the year. The expected savings, released in a new Congressional Joint Economic Committee report, highlight the importance of preventing the tax cut’s expiration and causing taxes to increase on millions of workers and families across the country.
“In this difficult economic period, Congress should do all that it can to help hardworking families keep more of the money they have earned,” said Durbin. “It is critical that negotiators of both political parties come together—and do so quickly—to prevent this middle-class payroll tax cut from expiring. Struggling Illinoisans cannot afford for Congress to fail.”
Since passing the bipartisan tax cut compromise late last year, Congressional negotiators have been working to extend the two-month extension through the end of 2012. If an agreement is not reached by February 29th, the average two-earner Illinois family will pay $1,039 in additional taxes this year, while the average single worker will pay $520 more. Many economists have concluded that failing to extend the tax cut would also slow economic growth and hinder job creation.