The recent debate over whether to allow tax cuts to expire is another reminder of why our economy is doing so poorly. Businesses are faced with tremendous uncertainty and families could be hit with a massive tax hike.
Bob Menendez is part of the problem. He has been a hyper-partisan politician, attacking a Republican President when unemployment was much lower, but remaining silent when it's much higher under a Democratic President. And when Senator Bob Menendez had the chance make the tax cuts permanent and remove uncertainty from an anemic economy-he voted no.
"New Jersey families and businesses will continue to suffer while Washington politicians drag their feet and Bob Menendez engages in election year politics," said Joe Kyrillos. "Like Punxsutawney Phil, Bob Menendez would rather put us through the same political theatre than do something about it. The answer could not be more simple: Do not raise taxes during a recession, make the tax cut permanent, reform the tax code and pass a budget."
A few examples of the tax cuts set to expire January 1, 2013:
1. The "marriage penalty," which will lessen the deduction married couples receive.
2. The child tax credit will be cut from $1,000 to $500.
3. The death tax will return imposing a 55% on estates valued above $1 million.