The following is a press release from the Office of Congressman Leonard Lance (NJ-07)
Congressman Leonard Lance (NJ-07) on Monday, July 30 will hold a listening session with Westfield business leaders to discuss the impact of pending tax relief that is set to expire January 1, 2013. Westfield Mayor Andy Skibitsky and others are expected to participate.
Lance’s listening session with area business leaders will begin at noon, Monday, July 30, 2012 at located at 13 Quimby Street in Westfield.
The event is open to the media.
Background: Without action, tax rates on all Americans are set to increase on January 1, 2013; the hike is part of what experts are calling the fiscal cliff, which would send our already struggling economy into another recession
President Obama has advocated allowing tax rates to increase on the top two tax brackets, a move that will negatively impact small business hiring and employee wages. According to a recent Ernst & Young study should the Obama tax hike become reality, over 20,000 New Jersey jobs could be lost.
Next week, the House of Representatives will vote to extend the current tax rates for one year, while laying out a timeline for the first fundamental overhaul of our tax code in over 25 years.