Lance Says Study Shows New Jersey Residents Hurt the most if Bush Tax Cuts Lapse
Press Release
Congressman Leonard Lance (NJ-07) said that a newly released study by the non-partisan Tax Foundation shows that expiration of the Bush-era tax cuts would hurt a large number of New Jersey's middle-income families.
According to the Tax Foundation, residents living in New Jersey's Fifth, Seventh, Eleventh and Twelfth Congressional Districts would see a sizeable tax increase should Congress allow the Bush tax cut to expire.
According to the Wall Street Journal, the congressional districts where middle-income families would save the most from extension of the tax cuts would be: California-10, represented by Rep. John Garamendi (D.) ($2,438); California-12, Jackie Speier (D.) ($2,508); California-14, Anna Eshoo (D.) ($3,194); California-15, Mike Honda (D.) ($2,760); California-30, Henry Waxman (D.) ($2,852); California-48, John Campbell (R.) ($2,664); Colorado-6, Mike Coffman (R.) ($2,471); Connecticut-4, Jim Himes (D.) ($2,743); Georgia-6, Tom Price (R.) ($2,451); Illinois-10, Mark Kirk (R.) ($2,480); Illinois-13, Judy Biggert (R.) ($2,459); Maryland-8, Chris Van Hollen (D.) ($2,776); New Jersey-5, Scott Garrett (R.) ($2,665); New Jersey-7, Leonard Lance (R.) ($2,727); New Jersey-11, Rodney Frelinghuysen (R.) ($2,987); New Jersey-12, Rush Holt (D.) ($2,729); New York-14, Carolyn Maloney (D.) ($3,066); Virginia-8, Jim Moran (D.) ($2,895); Virginia-10, Frank Wolf (R.) ($2,885); and Virginia-11, Gerry Connolly (D.) ($3,180).
Overall among the states that would save the most from extending the tax cuts, according to the study, New Jersey ($1,860 per family) ranked third behind Alaska ($1,959 per family) and Connecticut ($1,903).
"New Jersey's working families and small businesses pay among the highest taxes in the nation. They simply cannot afford a massive federal tax increase," said Lance. "Raising taxes on families and small businesses during an economic downturn will undoubtedly lead to a "double dip' recession resulting in further economic hardships for all Americans."
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