Middle Class Tax Act Set to Expire; Could Hurt NJ
The U.S. Senate is expected to vote tomorrow on the Middle Class Tax Act, which would expand and extend the payroll tax cut, putting more than $2,000 back into the pocket of the average New Jersey family next year. Jersey U.S. Senator Bob Menendez (D-NJ) is a co-sponsor of the bill.
“It will not only benefit New Jersey residents in their wallets, but at the same time, since that money will be spent on the economy, it will create a demand for businesses to grow jobs and those people who would be employed would help create a ripple effect on the economy.”
The current 2% payroll tax break is set to expire at the end of the month. Menendez says if the tax cut expires, families will have less money to spend and businesses will hire fewer workers.