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Mr. Speaker, last night, the House finally passed on a bipartisan basis and sent to the President a middle class tax relief package which also included extended unemployment insurance. For the middle class, it provides tax relief of $1,500 for a typical working family with income up to $75,000; $1,000 for income at $50,000; and $500 for incomes of $25,000. It also includes extended unemployment insurance, a 13-month extension of Federal support for 99 weeks of unemployment insurance for laid-off workers.
The package also includes the child tax credit, extends the child tax credit for 2 years. It's worth about $1,000, doubled from $500 for qualifying children under the age of 17. And a payroll tax cut creates a $120 billion payroll tax cut that's worth about $1,400 for the average New Jersey household of $71,000 in average income. Alternative minimum tax relief, earned income tax credit, higher education tax credit to help afford sending your children to college, and also tax cuts for business investment, basically allowing businesses to expense all of their qualified investments in 2011.
I think it was very important that we passed this, Mr. Speaker. I'm glad it's now going to the President.