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How tax cut & jobless bill affects YOU
Posted By ted On December 17, 2010 @ 12:00 am In Amtrak/Commuter,Amtrak/Commuter News,Aviation,Bus,Bus News,News,Washington | No Comments
Now that Congress has approved, and sent to President Obama for signing, the compromise tax cut and jobless benefits legislation, the question UTU members have, is, “What does it mean for me?”
These federal-aid benefits begin after an initial 26 weeks of state-provided jobless benefits. The federal benefits extend the 26 weeks of state-provided jobless benefits to 60 weeks in states with unemployment rates of less than 6 percent; and to 99 weeks in states where unemployment rates top 8.5 percent. It is estimated that some 3 million Americans have exhausted their initial 26 weeks of unemployment benefits.
For workers earning $50,000 annually, the additional take-home pay from reduced payroll taxes will be some $1,000 over the course of the year. For those earning the maximum Social Security (and Tier I Railroad Retirement) taxable income, the additional take-home pay will top $2,000.
Additionally, the legislation:
The legislation also provides tax relief for short line railroads that invest in their properties. The tax relief encourages more investment by short lines, protecting jobs of short line rail workers as well as Class I workers that benefit from the interchange traffic flowing to and from short lines that otherwise would travel by highway.
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URL to article: http://utu.org/2010/12/17/how-tax-cut-jobless-bill-affects-you-6/
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