Comment & Debate
Patrick McGeehan. “Obama Jobs Plan Would Boost the City, Comptroller Says.” New York Times City Room. September 9th, 2011: “The president’s jobs plan, which he announced on Thursday night, called for reducing the Social Security tax on income to 3.1 percent in 2012. The rate is currently set at 6.2 percent on the first $106,800 of an employee’s pay. Because workers in New York are relatively highly paid, the effect of that cut would be greater in the city than in other parts of the country. It would save $775 for a worker earning $25,000 a year and $3,100 for one who makes $100,000. All told, the comptroller’s office estimated, the gain to New Yorkers would amount to $4.8 billion, and the spending of a portion of that total would preserve or create about 25,000 jobs in the city.” [read extended argument on article].