Who Really Deserves A Tax Cut In New Jersey? [AUDIO]
A Jersey watchdog group has issued a new report that calls on Congress to extend a tax cut for Americans making up to 250 thousand dollars a year, and allow the same cut for the wealthiest Americans to expire.
Ann Vardeman, an Organizer with New Jersey Citizen Action, says the report ,entitled Time to Pay their Fair Share- New Jersey Residents Can't Afford to Extend the Bush-era Tax Cuts for the Wealthy Few - finds "that 95 out of 100 New Jersey residents would get about the same tax cut under the Obama plan as they've had, five percent of New Jersey taxpayers would see their taxes go up - those making 250 thousand dollars a year or more…Those 5 percent of New Jersey taxpayers have an average income of 669 thousand dollars a year."
She says the U.S. Senate has voted to extend tax cuts for Americans making 250 thousand dollars a year or less.
"Which we just we think that's fantastic, and that's a step in the right direction for tax fairness for this country, but we would urge the House of Representatives to follow suit…The tax cut for those making less than 250 thousand a year is important, because we want money to go into their pockets - they're people who if they have a 13 hundred dollar tax - they're going to go spend that money."
Vardeman adds the average tax cut for those making over 250 thousand dollars a year is 27 thousand dollars.
"That's not money that's necessarily going to be pumped back into the economy - it's probably going to be put away…Everybody agrees - both the GOP and democrats - that the tax cuts for those making 250 thousand a year or less need to be extended…And since we all agree on that, I think it's really important that the House vote to pass this extension - and then where there's the disagreement - they can work on that later…If nothing happens -if Congress is not able to pass an extension for those making 250 thousand dollars a year or less - this tax cut is going to expire - and middle and low income families are going to see their taxes go up by 13 hundred dollars.