Political Quotes

Christopher Shays: “Right. Because what we do is we cap the payroll at $120,000. And so it ends up being $12,000 an employer would pay. But…”

On the recordApril 22, 2008
Right. Because what we do is we cap the payroll at $120,000. And so it ends up being $12,000 an employer would pay. But when I was speaking of someone with 500 employees, they would pay $21,000 salary, they pay 5.25, 5¼ percent of payroll. It gets up to, if they're making $83,000 on average, and that would be quite a company, then they would be paying the 10 percent rate. And the key is that when we drafted this legislation, we had the input of private foundations and experts. But in the end, this still is an estimate of what we think brings in the revenue needed to provide the services. And the challenges you just don't know until you get more into it. That's why the hearings are so necessary.
Said by
Christopher Shays
Connecticut
Source
govinfo.gov

Editor's note · Context

Discussing the implications of payroll caps and revenue estimates in proposed legislation.

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