Rep. Nydia M. Velázquez (D-NY) today unveiled a new report detailing how the President’s recently proposed “American Jobs Act” would boost job growth in New York City.  Compiled from a range of data sources, the report finds New York City could gain 70,000 jobs through passage of the “American Jobs Act.” Such a rise in employment would cut New York City’s unemployment rate from the current 8.7 percent to 7 percent.

“Families in New York are struggling to get by and cannot afford to wait,” Velázquez said. “Congress, also, cannot delay and should pass this legislation immediately.”

The report finds that the 467,000 small businesses in New York City would save $381 million through a planned payroll tax holiday in the American Jobs Act. In addition, by extending 100 percent expensing for businesses, the tax provisions could generate more than $450 million in new spending in New York City.