Posted: Jan 6, 2013 5:49 PM by Tony Spehar - email@example.com
As part of the deal to avoid the fiscal cliff social security taxes automatically deducted from paychecks went up two-percent for all Americans, but Colorado lawmakers will consider giving that money back in the next legislative session.
On Sunday State Senator and incoming Senate President John Morse (D - Colorado Springs) announced that the first bill to be introduced in the 2013 session will be the Colorado Working Families Economic Opportunity Act. If passed the bill would return the two-percent extra now being automatically deducted from paychecks for all workers making less than $60,000 a year. Morse estimated that would mean a $700 refund for the average person and could also give a boost to businesses.
"We want to make sure that these lower income people that are generally working for small businesses can actually get to work and not be worried about childcare issues, not be worried about transportation issues," Morse explained. "Having an extra $700 a year will actually help make sure they can show up to work everyday."
The 2013 legislative session starts on Wednesday.