Today, Secretary Donovan appeared on Keeping it Real with Rev. Al Sharpton to call for the passage of the Payroll Tax Cut before it expires at the end of the year.
With a Friday deadline looming for Congress to act, Donovan implored Congress to “…let everybody go home for the holidays and enjoy their time with their families knowing that their payroll taxes aren’t going to go up next year, or if they are unemployed, that they won’t lose their unemployment insurance.”
For most Americans, a failure to extend the Payroll Tax Cut would amount to a tax increase of $1000 and the average African American family would see nearly an $1100 increase. Sucking that kind of money out of the economy at a time when our recovery is so fragile is something that both Democratic and Republican economists agree would be an economic disaster. We should be offering a helping hand to middle class and African American families that are struggling to get back on their feet, not asking them to pay more.
“How is it that it’s ok to protect the tax cuts of millionaires and billionaires?” Donovan asked, “but not ok to make sure that the average working class family doesn’t see an extra one thousand dollars in their pockets?” Donovan soon answered his own question, “…we’ve got too many folks on the Hill that are putting their party in front of their country and the economy. We’ve got to cut out the politics here and help people get back to work and keep money in their pocket next year.”