Payroll Tax Cut Could Save New York $1 Billion

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The payroll tax cut that Congress agreed to extend for two months will save the New York economy $1.2 billion, according to State Comptroller Tom DiNapoli. However, if the cut is not extended for the full year, he said almost $6 billion will go to the federal government rather than staying in New Yorkers' pockets, according to WNYC.