LoBiondo Votes Against "Largest Tax Increase in History"

LoBiondo Votes Against "Largest Tax Increase in History"

U.S. Congressman Frank A. LoBiondo (NJ-02) today voted against the estimated $400 billion tax increase provided for under the House's "Fiscal Year 2008 Budget Resolution." According to the U.S. Treasury Department, the tax increases would cost approximately 3.4 million New Jersey taxpayers an additional $3,779 on average in federal taxes over the next five years.

"Over the past decade, Congress has made great efforts to ensure that married couples are not unfairly over-taxed; that parents are not penalized for having children; and that our small businesses are not targeted for being too successful. Today, with approval of the House Democrat's budget, all of those gains are erased," blasted LoBiondo. "This budget will needlessly saddle millions of New Jersey taxpayers with an additional $3,779 bill on top of their excessive state and local tax obligations. Without hesitation, I strongly reject placing these avoidable fiscal burdens on the backs of South Jersey's taxpayers and small businesses."

Implications on the average taxpayer across the nation under the House's FY 2008 Budget Resolution are as follows:

* 115 million taxpayers would see their taxes increase, on average, by $1,795 in 2011.

* Taxes would increase, on average, by $2,181 for 42 million families with children.

* 12 million single women with children would see their taxes increase, on average, by $1,082.

* 17 million elderly individuals would incur average tax increases of $2,270.

* Taxes would rise, on average, by $3,960 for 26 million small business owners.

According to the U.S. Treasury Department, the impact to average New Jersey taxpayers by the Democrat budget's estimated $400 billion tax increase would be second-only to Connecticut in the nation.

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