Today, Mark Udall issued the following statement after the Senate voted 51-49 against expanding the payroll tax cuts. Earlier this week, Udall urged his colleagues to pass the bill because it would lower the tax burden on Colorado’s middle-income workers and help business owners boost the economy.
“I’m very disappointed that the Senate did not extend the payroll tax cut that would have given some relief to Colorado’s struggling workers. Some leading economists estimate that the payroll tax cut could boost economic growth by more than one percent of GDP. This bill could’ve been the shot in the arm we need to get our economy moving again, but instead, these tax breaks that will soon expire could hurt our recovery.
“As Colorado’s senator, my first priority is to create jobs. Expanding the payroll tax cuts would not only free up more money for hard-working Coloradans, but it could’ve helped give employers the confidence they need to hire more employees. I’m disappointed that this bill did not pass. Tonight I voted for our middle-class families and small-businesses owners who are struggling to keep our economy afloat. I’m disappointed that some of my colleagues did not join me.”