LoBIONDO VOTES TO PROVIDE TAX RELIEF FOR MIDDLE-CLASS, WORKING NEW JERSEY FAMILIES
WASHINGTON, D.C. - U.S. Representative Frank A. LoBiondo (NJ-02) today voted in favor of H.R. 4297, the "Tax Relief Extension Reconciliation Act," which reinstates the Alternative Minimum Tax (AMT) shield, benefiting the middle-class working families in New Jersey. The AMT shield had previously expired on January 1, 2006.
"Today's vote is a victory for 179,000 New Jersey hard-working taxpayers. The AMT unfairly targets middle-class individuals and families, causing needless and preventable strain on their personal finances," said LoBiondo. "As our economy continues to grow, we should encourage additional investment in the middle-class of New Jersey and the country, not weaken their financial stability."
According to the Congressional Research Service, New Jersey ranks 1st in the nation for taxpayers affected by the AMT. Based on 2005 tax filings, nearly 5.0 percent of taxpayers in the state were affected by this provision. Nation-wide, approximately 15 million American families are affected by the AMT, which was established to ensure millionaires paid their fair share of taxes. However, the AMT was never adjusted to inflation, thus is currently applicable to an increasing number of middle-class, working families.