Seventh District congressional candidate Leonard Lance called on leaders in Congress to move quickly and approve legislation passed by the U.S. Senate that would impose a one-year "patch" to the alternative minimum tax (AMT) for tax year 2008. Without the "patch," Seventh District taxpayers could pay on average nearly $4,400 more in federal taxes.
"The people of New Jersey's Seventh Congressional District already pay some of the highest taxes in the country," said Leonard Lance. "Last week we learned that many residents already pay some of the highest property taxes. Now we learn that Congress is dragging its feet on protecting New Jerseyans from the onerous AMT. Failure to act could add on an average additional $4,400 per household tax return. Congress must pass an AMT patch before adjourning for the year."
According to the non-partisan Tax Foundation, if Congress fails to pass an AMT patch, filers in New Jersey's Seventh Congressional District could pay as much as $4,376 in additional federal taxes.
On Sept. 23, the U.S. Senate passed by a vote of 93-2 legislation that includes an AMT patch. Among its other provisions, the measure included mental health parity legislation as well an extension of tax credits important to New Jersey's economy like the R&D tax credit. Yet despite broad, bipartisan support in the U.S. Senate, leaders in the House refuse to pass the catch-all bill.
Last week, the Census Bureau released a study showing Hunterdon County homeowners paid a whopping median $8,224 in property taxes last year - good for number two in the country. Somerset homeowners didn't fare much better with a $7,597 median tax bill - fifth highest in the nation.
"Now more than ever, New Jersey families need elected officials in Washington who will lower taxes, cut wasteful spending and bring fiscal responsibility to Congress. The tax-and-spend policies in Washington and Trenton are hurting too many. And my opponent Linda Stender has made a career in Trenton and Fanwood of voting for more spending and higher taxes. I have a proven record in the Legislature of lowering taxes and fighting wasteful spending. As Congressman, I will fight to repeal the AMT and make permanent tax credits important to New Jersey's economy and job market. Linda Stender just won't do the same," concluded Lance.