Sponsored by:
Senator SHIRLEY K. TURNER
District 15 (Hunterdon and Mercer)
SYNOPSIS
Urges Congress to permanently extend federal tax cuts for those making $1 million or less.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution urging Congress to permanently extend federal tax cuts for those making $1 million or less.
Whereas, The “Economic Growth and Tax Relief Reconciliation Act of 2001,” Pub.L. 107-16, and the “Jobs and Growth Tax Relief Reconciliation Act of 2003,” Pub.L. 108-27, (“federal tax cuts”) were passed by Congress to spur job growth and provide tax relief; and
Whereas, The federal tax cuts have greatly benefited low and middle income families during these difficult economic times; and
Whereas, If Congress does not act, the federal tax cuts will expire at the end of 2012; and
Whereas, Ending the federal tax cuts would be irresponsible as poor and middle class Americans have relied on the tax cuts for over a decade to make ends meet; and
Whereas, In light of a depressed economy and weak job growth, members of Congress must put aside their political differences and come together to permanently extend the federal tax cuts for those making $1 million or less; and
Whereas, Limiting the federal tax cuts to those making $1 million or less will help to rebuild the economy and ensure that the most fortunate among us continue to contribute their fair share; and
Whereas, The permanent extension of federal tax cuts for those making $1 million or less will grow and strengthen the middle class, help create jobs, provide households with resources to invest in education and training, and encourage businesses to start up and stay in the United States; now, therefore,
Be It Resolved by the Senate of the State of New Jersey:
1. This House urges the United States Congress to permanently extend the tax relief afforded under the “Economic Growth and Tax Relief Reconciliation Act of 2001,” Pub.L. 107-16, and the “Jobs and Growth Tax Relief Reconciliation Act of 2003,” Pub.L. 108-27, for those making $1 million or less.
2. Copies of this resolution, signed by the President of the Senate and attested to by the Secretary thereof, shall be transmitted to the Speaker and Minority Leader of the United States House of Representatives, the Majority and Minority Leaders of the United States Senate, and each member of the United States Congress elected from this State.
STATEMENT
This resolution urges Congress to permanently extend the tax relief afforded under the “Economic Growth and Tax Relief Reconciliation Act of 2001,” Pub.L. 107-16, and the “Jobs and Growth Tax Relief Reconciliation Act of 2003,” Pub.L. 108-27, (“federal tax cuts”) for those making $1 million or less. If Congress does not act, the federal tax cuts will expire at the end of 2012.
The federal tax cuts have greatly benefited low and middle income families who have struggled to make ends meet. In light of a depressed economy and weak job growth, members of Congress must put aside their political differences and come together to permanently extend the federal tax cuts for those making $1 million or less.
Limiting the federal tax cuts to those making $1 million or less will help to rebuild the economy and ensure that the most fortunate among us continue to contribute their fair share.
The permanent extension of federal tax cuts for those making $1 million or less will grow and strengthen the middle class, help create jobs, provide households with resources to invest in education and training, and encourage businesses to start up and stay in the United States.