Without Extension Of Payroll Tax Cut, Ohio’s Economy Will Take A Dramatic Hit, Losing Jobs And Raising Taxes On Millions Of Ohioans
COLUMBUS, OHIO – Will Ohio’s ethically challenged Treasurer Josh Mandel finally side with working families and support an effort to cut taxes for Ohio’s middle class and help small businesses create jobs? If you have the money to attend one of two fundraisers that Josh Mandel’s having with DC lobbyists tonight, you might find out. That’s right, Ohio’s absentee Treasurer is in D.C. yet again to raise money for his Senate campaign, but much like his refusal to take a position on China’s unfair currency manipulation, Ohioans don’t know where Josh Mandel stands on extending the payroll tax cut.
The choice should be easy. Aside from raising taxes on millions of Ohioans, economists forecast that failure to extend the payroll tax cut will cost hundreds of thousands of jobs and hurt economic growth. Then again, Josh Mandel has a long history of refusing to side with Ohio’s middle class.
Despite recent reports that China’s illegal currency manipulation has cost Ohio more than 100,000 jobs in the last decade, the Columbus Dispatch reported that Mandel’s spokesperson refused to “provide the slightest clue as to where Mandel stood on an issue that has a lot of traction in Ohio.” Additionally, Josh Mandel fought on the side of Governor Kasich’s attack against Ohio’s police officers, firefighters, teachers and other public workers which would have destroyed jobs and hurt our economy.
What: Josh Mandel Fundraiser # 1
When: TONIGHT at 5:00 PM
Where: 1325 G Street NW, Suite 1000
Washington, DC 20005
What: Josh Mandel Fundraiser # 2
When: TONIGHT at 6:30 PM
Where: 330 Maryland Ave NE
Washington, DC 20002
“If Josh Mandel has time to once again ignore his job as Treasurer and beg for D.C. lobbyist cash, he’s got time to finally stand up for Ohio’s middle class and support an extension of the payroll tax cut which will save thousands of Ohio jobs and avoid a tax increase on millions of Ohio families,” said Ohio Democratic Party Press Secretary Justin Barasky. “Josh Mandel has repeatedly demonstrated that he’s not on the side of middle class families in our state, feeling much more comfortable rubbing shoulders with high-priced D.C. lobbyists who could care less that millions of Ohioans are about to see their taxes raised. If our absentee Treasurer won’t join Republicans and Democrats in supporting an extension of the payroll tax cut, Ohio families deserve an explanation.”
Payroll Tax Cut Would Reduce Social Security Payroll Tax Paid By Employees By Half From 6.2% to 3.1%. According to the New York Times, “The bill, which could be voted on as early as Friday, would reduce the Social Security payroll tax paid by employees and the self-employed by half, to 3.1. percent of wages from 6.2 percent, for 2012. Those taxes were reduced to 4.2 percent of wages this year under a law set to expire at the end of the year.” [New York Times, 11/28/11]
Mark Zandi, Moody's Analytics: If We Let The Payroll Tax Cut Expire, "We'll Likely Go Into Recession." [MSNBC, 10/7/11]
Mark Zandi, Moody's Analytics: Letting The Payroll Tax Cut Expire Would Cost 750,000 Jobs. In October 2011, McClatchy reported “Economist Mark Zandi, who estimated the entire package would create 1.9 million jobs in 2012, said that extending the payroll tax cut alone would create 750,000 jobs.” [McClatchy, 10/03/2011]
Goldman Sachs: Letting The Payroll Tax Cut Expire Would Reduce Economic Growth. According to the Washington Post, economists at Goldman Sachs estimated that letting the payroll tax cut expire would reduce economic grown by as much as 2/3 of a percentage point in early 2012. [Washington Post, 11/21/2011]
Barclays: Letting The Payroll Tax Cut Expire Could Cause the GDP to Fall 1.5%. [Bloomberg Television]
As Many As 200,000 Firms Will Receive A Payroll Tax Cut. The President’s plan will cut the payroll tax in half to 3.1% for employers on the first $5 million in wages, providing broad tax relief to all businesses but targeting it to the 98 percent of firms with wages below this level. In Ohio, 200,000 firms will receive a payroll tax cut under the American Jobs Act. [AmericanJobsAct.com, Accessed 11/29/11]
Republicans Back Payroll Tax Cut. In November 2011, Reuters reported "After initial reluctance, Republicans in Congress Tuesday threw their support behind a one-year extension of a payroll tax cut for workers aimed at helping stimulate the U.S. economy." [Reuters, 11/29/11]