U.S. Senator Robert Menendez today released the following statement after the U.S. Senate passed legislation providing tax relief to the middle class families. This historic legislation will also bolster job creation by extending tax breaks to businesses that purchase American-made equipment and invest in America.
"Today, I joined an overwhelming bi-partisan majority of Senators in making permanent middle cuts for New Jersey's hard working families and extending critical middle class tax breaks such as a tax credit for college costs and improvements to the child tax credit and earned income tax credit," said Menendez.
Menendez added: "This historic tax relief package will also, once and for all, end the threat of additional taxes on families coming from the Alternative Minimum Tax, an unfair tax hike that I have worked to protect nearly 2 million New Jersey families from since arriving in the Senate.
"Families struggling during these tough economic times will also receive much-needed relief from this measure as it extends emergency unemployment benefits for one year.
"Though not perfect, this bill is essential in striking a balance between keeping the fragile economic recovery on track while making concrete steps toward addressing our country's long-term budget challenges.
"This bill also takes a significant step in promoting job creation by extending tax breaks to businesses that purchase equipment and invest in America."
Finally, this legislative package extends critical middle class tax breaks while ending threat of AMT tax hikes.