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U.S. Job Acts potential effect on you and your wallet

A state-by-state guide to the impact on the economy of President Obama's American Jobs Act is available from the White House. If the legislation is passed, the typical tax cut for the average family in Washington State would be $1,860.

In a separate issue, the administration wants to at least continue the payroll tax cuts now in effect. Currently everyone who collects a paycheck contributes 4.2 percent of their wages in payroll taxes.

If Congress doesn't act, the tax increases two percentage points, to 6.2 percent.

In a press release, Vice President Biden said: "President Obama and I have proposed cutting the rate even further – down to 3.1 percent. That would give a tax cut to 160 million workers next year, providing a $1,500 cut to the typical middle class family."

Action will be taken in the next 40 days.

Contact information and link to websites: Senator Patty Murray; Senator Maria Cantwell; and Representative Rick Larsen (Dist. 2).

Information for other U.S. senators and U.S. representatives and the White House.

Last modified onThursday, 08 December 2011 10:48

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