U.S. Representative Frank A. LoBiondo (NJ-02) tonight issued the following statement after the House of Representatives approved the fiscal cliff compromise previously passed by the Senate. LoBiondo voted Yes.
"For years, families and businesses have screamed for certainty and stability in their taxes. While I'm disappointed the necessary tough decisions on reducing our spending and bringing down the $16 trillion debt were not addressed, this compromise protects South Jersey's small businesses who file their taxes on an individual return. It permanently fixes the Alternative Minimum Tax, which threatens more and more middle-class households each year, while ensuring the child tax credit is preserved. And it ensures the so-called "death tax' will not rise to 55 percent of one's inheritance, further penalizing the generations of families and farmers.
"Without this legislation, an average $5,030 tax increase would be felt by New Jersey families -- the third-highest in the country according to the nonpartisan Tax Foundation. Furthermore, an estimated 2 million New Jersey households would have been ensnarled by the AMT. With my constituents struggling to rebuild in the aftermath of Hurricane Sandy on top of years of a stagnant economy, I'm not willing to place additional financial burdens on them in pursuit of the elusive "perfect deal'."