Bill Pascrell, Representing the 8th Congressional District of New Jersey

WASHINGTON—U. S. Rep. Bill Pascrell, Jr. (D-NJ-08) a member of the House Committee on Ways and Means today joined the House of Representatives in approving the Alternative Minimum Tax Relief Act of 2008 by a vote of 233-189.  The bill will provide $62 million in alternative minimum tax relief to over 25 millions families and adheres to pay-as-you-go budget rules.

“The $62 billion in alternative minimum tax relief that was approved in the House today is a fair and reasonable way to protect 25 million middle class families from being hit by a tax that was never intended for them,” stated Pascrell.  “It is a tax relief package that is completely paid for by repealing government subsidies for the biggest oil companies and closing loopholes that allow a privileged few Wall Street giants to pay a lower tax rate than other hard working Americans.”

“Instead of adding to the $9 trillion national debt that has piled up as the result of seven years of irresponsible Republican economic policy, Congress has taken a disciplined approach to relieving the tax burden on middle class families.  In doing so this legislation will also protect future generations of Americans from being burdened by reckless spending habits.”

“While I firmly believe in permanently repealing the AMT for working class families, this short-term patch is a necessary firewall that will protect millions of Americans from facing an unjust and unintended tax.” 

The Alternative Minimum Tax Relief Act of 2008 will stop the AMT from reaching approximately 80,000 in the 8th Congressional District of New Jersey alone.

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