Just how big is the stimulus provided by the payroll tax cut? The median income in Philadelphia is $36,669 per year, which means the 2% payroll tax alleviation provides an extra $14.10 per weekly paycheck.
For a forty hour work week at minimum wage in California, where the minimum wage is $8.25, that payroll tax means an extra $6.60 per week.
Worthwhile, certainly, but "stimulative?" Why do I not forsee huge spending sprees in the coming year?
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