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Tax extension failure could cost NYers $7.1 billion: DiNapoli

Thursday, December 22, 2011 - 01:07 PM

The state comptroller is weighing in on the federal fight over a payroll tax extension for workers. Comptroller Thomas DiNapoli is warning that the failure to come to an agreement that would extend the tax holiday could end up costing New Yorkers $7.1 billion in additional taxes next year.

"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," DiNapoli said in a statement.

And to his point, the Comptroller's office broke down the increase in taxes on various earners:

Wage        Tax Increase

$ 20,000     $400

$ 40,000     $800

$ 60,000     $1,200

$ 80,000     $1,600

$100,000    $2,000

$110,100+  $2,202

WNYC's It's A Free Country and other blogs have been covering the Washington gridlock over this, with lots of great insight into the issue.

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