Menendez Succeeds in Securing Tax Relief for NJ Middle Class in Finance Committee Tax Package
August 2, 2012
Washington – U.S. Senator Robert Menendez (D-NJ), member of the Senate Finance Committee, announced that he is one step closer to securing tax relief for up to 2.15 million New Jersey families who would be subject to the Alternative Minimum Tax (AMT) in 2012 if no action is taken. As a long-time leader in the fight to prevent AMT hikes, Menendez helped ensure one additional year of AMT protection was included in the original bill, and worked across the aisle with Senator Orrin Hatch (R-UT) to successfully secure AMT relief for a second year as part of the Finance Committee’s final tax extender package. Next, the bill goes to the floor to be voted on by the full Senate.
“At a time when politics too often trumps progress, I’m so pleased to have worked across party lines to ensure real tax relief for middle class families in New Jersey,” said Menendez. “It’s incredibly important to me to make sure that middle class taxpayers in our state don’t get hit with a huge surprise tax hike this year or next, and as long as I’m representing them in the Senate, I will fight to protect their pocketbooks.”
The Alternative Minimum Tax was originally created to prevent the wealthiest Americans from skirting higher tax rates, but it was not indexed to inflation and therefore threatens to raise taxes for millions of middle class Americans every year.
“We need a permanent fix to this problem so that this is the last time we’ll have to deal with the piecemeal approach to the AMT,” Menendez added. “I will be a leader to ensure that tax reform tackle the AMT problem once and for all.”
The Congressional Research Service estimates that approximately 2.15 million New Jerseyans would be subject to the Alternative Minimum Tax in 2012 if no action were taken. Total savings for New Jersey taxpayers from the AMT patch in 2012 will be an estimated $6.3 billion.
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