Partisan Divide in D.C. as Middle Class Tax Hike Looms
U.S. Senator Frank R. Lautenberg (D-NJ) is imploring Republicans to support new legislation to extend and expand the payroll tax cut.
Without this legislation, it is estimated 160 million Americans will see their taxes increase on January 1st. The average New Jersey family would see a tax cut of $2,100 under the measure.
The compromise bill extends the payroll tax cut and increases it from $1,000 to $1,500 for the average American worker. The tax cuts are fully paid for through a surtax on income above $1 million. Republicans are not thrilled with the idea of a millionaire’s tax hike fearing it could hurt small business owners.
Lautenberg says, “It is outrageous that Republicans are refusing to stand up for middle-class families and stop this tax hike from hitting millions of Americans. The deadline for avoiding a massive tax increase is rapidly approaching and Republicans must work with us to stop it and make sure that middle-class Americans are the top priority instead of millionaires and billionaires.”