Menendez Underscores The Need To Extend Middle Class Tax Cuts
“What we really need is to ensure that middle class taxpayers get the continued relief,” Menendez says on CNN’s “Out Front.”
July 11, 2012
Washington -- U.S. Senator Robert Menendez (D-NJ) appeared on the latest edition of CNN’s “Out Front” to talk about the importance of tax cuts for the middle class. During the interview, Senator Menendez called for the nation’s wealthiest people to pay their fair share of taxes and identified the economic benefit of a middle class tax cut.
“What we really need is to ensure that middle class taxpayers get the continued relief. The people who are struggling in this country are middle class working families. And the relief that we can give to them ultimately provides a ripple effect in the economy because they are most like going to have the need to spend. But when you’re a millionaire, or a multi-millionaire or a billionaire, the reality is you’re not going to spend that much more as a result of the tax cut,” Menendez said.
Senator Menendez called the argument that small businesses would be hurt when the tax cut expired a false claim because 97 percent of small businesses would remain unaffected by the President Obama’s proposed tax cut extension.
“At a quarter of a million dollars and under, it seems to me that you protect 97 percent of all small businesses in this country and you give the middle class working families the continuing tax break they need,” Menendez said.
Senator Menendez also talked about the proposed eligibility threshold of $250,000 or less for the tax cut extension.
“In a higher income state like New Jersey I would probably like to see it more around $350,000. The reality is at a quarter of a million dollars you’re going to capture an overwhelming part of taxpayers both in New Jersey and in the country. I’d rather extend all of the tax cuts for people making a quarter of a million dollars or less and save the rest of the money for deficit reduction and some of the critical needs we have.”
Senator Menendez called upon Republicans to stop holding middle class tax relief hostage for the sake of protecting tax breaks for America’s wealthiest people who receive the greatest benefits of the Bush-era cuts.
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