Sen. Anthony M. Bucco said state and federal lawmakers must be prepared to act quickly to provide significant assistance to New Jersey families and their employers to address the impact of COVID-19 on society. (CDC)
Bucco noted that many businesses may struggle due to reduced economic activity, and employees and their families may face financial difficulties due to fewer working hours and closed schools and daycare centers that require them to stay home.
Says State and Federal Lawmakers Must Be Prepared to Act Quickly
He expressed support for proposals under consideration by the General Assembly and discussed by the Senate President, including..
a payroll tax holiday to temporarily increase paychecks for workers and reduce expenses for employers; extending tax filing deadlines and waiving penalties and interest for filings and payments that are made late; and allowing small businesses to keep a portion of the sales taxes they collect during and immediately after the emergency to help them stay open.
Currently, all employees and employers pay a 6.2 percent payroll tax on wages capped out at $137,700. Right now, an employee earning $50,000 per year would pay $3,100 in payroll taxes.
“The far-reaching impact of COVID-19 on life in New Jersey and across the United States could be unlike anything we’ve ever seen before,” said Bucco (R-25). “New Jersey learned some tough but important lessons about disaster management as a result of 9/11 and Superstorm Sandy. Most importantly, we learned how important it is for state and federal lawmakers to address emergent needs as quickly as possible. Legislation is already being considered, on a bipartisan basis, to address the public health, safety, and welfare of our residents.”
“Dealing with a highly infectious disease like the coronavirus requires drastic steps, including social distancing, closing schools, limiting gatherings, and self-quarantining as much as possible,” added Bucco. “This shutting down of society comes at great cost to people and businesses who can’t afford it without significant help. I will be working with other state and federal leaders on both sides of the aisle to take whatever steps necessary to meet the needs of our families and their employers during this difficult time.”
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