DiNapoli puts a number on the payroll-tax disaster
On Monday, Representative Peter King told me he was going to stand with House Speaker John Boehner in voting against the two-month extension of a payroll tax cut, but that he wasn't sure it was the right thing for his caucus to do, and that the public would probably blame him and his colleagues for the fact that a compromise couldn't be reached.
This morning, state Comptroller Tom DiNapoli came out with an estimate of how much additional tax New Yorkers will have to pay next year if the House and Senate don't agree on a compromise before the tax cut sunsets on Jan. 1.
By DiNapoli's estimate, New Yorkers will pay as much as $7.1 billion in 2012 if Congress fails to extend the two percent cut.
“Partisanship has a $7.1 billion price tag for residents of this state if an agreement can’t be reached to extend the payroll tax cut and that’s simply not what New York families need right now," said DiNapoli in a statement.
DiNapoli's press release also includes a table showing how much New Yorkers will lose annually based on their pay, starting with $400 for people making $20,000 annually, and going up to $2,202 for those making over $110,100 and above.
Two New York Republicans in the House—Nan Hayworth of the Hudson Valley and Tom Reed of the Southern Tier—were named by Boehner to a joint committee tasked with negotiating a deal with Senate Democrats. But Democrats have yet to assign any members to the panel, or give any indication that they plan to accede to Boehner's desire for a year-long compromise, after the House Republicans rejected a bipartisan Senate compromise that would have extended the tax cut for two months.
This morning, Republican Minority Leader Mitch McConnell gave additional cover to Senate Democrats, and put additional pressure on Boehner's members, by calling for the House to approve the deal that passed the Senate overwhelmingly on Saturday. And the White House sent out a short summary of President Obama's call with Boehner this morning, in which the president reiterated his desire for the House to pass the extension.